Arkhouse and Brigade up Macy's takeover offer to $6.6 billion following rejection of previous deal
Arkhouse Management and Brigade Capital Management are upping their offer to acquire Macy’s in a deal now valued at $6.6 billion
NEW YORK (AP) — Arkhouse Management and Brigade Capital Management are upping their offer to acquire Macy's in a deal now valued at $6.6 billion.
The investment firms announced Sunday that they had submitted an all-cash proposal of $24 for each of the remaining shares in Macy's they don't already own — up from a earlier offer of $21 per share.
Macy's rejected the previous deal, which was valued at $5.8 billion, in January. At the time, the retailer said that its board reviewed the investment firms’ proposal and not only had concerns about the financing plan, but also felt there was a “lack of compelling value.”
In a joint-statement Sunday, Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said that they "remain frustrated by the delay tactics" from Macy's board and its “continued refusal to engage" — but were still committed to completing the transaction.
