Federated Will Buy May Department Stores
By AP / KWMU
St. Louis, MO – Exact terms were not available...but an executive close the deal says Federated will pay less than $36 for each May share.
The deal will be formally announced today (Monday).
The buyout is worth about $10.4 billion, with Federated paying about $35.50 in cash and stock for each May share.
Reports say the boards of the two companies approved the deal over the weekend.