Hudson's Bay makes takeover approach for Macy's: source

Shares of Macy's, which had a market value of about $9.4 billion as of Thursday's close, surged 7.3 percent to $32.96 in morning trading on Friday. Shares of Hudson's Bay, which also owns the Saks Fifth Avenue store, were up 2.1 percent at C$10.26. Hudson's Bay could raise equity and debt against its real estate portfolio, which could be worth $14 billion, to fund the deal, according to the Wall Street Journal, which first reported the news.