Shares of Macy's (NYSE:M) experienced a nearly 20% increase intra-day today, following news of a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management. The investor group proposed acquiring the iconic department store chain at a rate of $21 per share, as reported by the Wall Street Journal.

Analysts suggest that this buyout, if successful, could herald major shifts in Macy's future direction and operational strategy.

UBS analysts commented on the situation, noting in a client note that the market appears to regard the offer as credible. Adding to this credibility, the report mentioned that an investment bank has issued a letter confirming the investor group's capability to secure the necessary funds for the buyout. The report also hinted at the possibility of the group increasing its offer after conducting due diligence.