Current:Home > NewsArkhouse and Brigade up Macy’s takeover offer to $6.6 billion following rejection of previous deal-LoTradeCoin
Arkhouse and Brigade up Macy’s takeover offer to $6.6 billion following rejection of previous deal
View Date:2024-12-23 19:16:54
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.
Kahane and Blackwell added that they had repeatedly tried to address the company’s concerns, and were open to increasing the purchase price more “subject to the customary due diligence.”
Macy’s on Sunday confirmed that it had received the “revised, unsolicited, non-binding” proposal. The New York-based company said that its board would carefully review the offer, and that it did not intend to comment further until the evaluation was complete.
Last month, Arkhouse moved to nominate nine people for Macy’s board. At the time, Macy’s said it had been seeking additional financing information — but that Arkhouse instead sent a letter requesting that the company extend its director nomination window by 10 days.
On Tuesday, Macy’s announced it would close 150 namesake stores over the next three years including 50 by year-end after posting a fourth-quarter loss and declining sales. As part of restructuring efforts, the department store chain also said it would upgrade its remaining 350 stores.
veryGood! (96)
Related
- Brittany Cartwright Defends Hooking Up With Jax Taylor's Friend Amid Their Divorce
- 'Lisa Frankenstein' struggles to electrify box office on a sleepy Super Bowl weekend
- Weird & Clever Products on Amazon That Will Make Your Home so Much Cooler
- Beyoncé releases two new songs during the Super Bowl, teasing more to come
- Michelle Obama Is Diving Back into the Dating World—But It’s Not What You Think
- Oklahoma judge caught sending texts during a murder trial resigns
- How many Super Bowls have the 49ers won? All of San Francisco's past victories and appearances
- This teen wears a size 23 shoe. It's stopping him from living a normal life.
- Candidates line up for special elections to replace Virginia senators recently elected to US House
- ‘A Dream Deferred:’ 30 Years of U.S. Environmental Justice in Port Arthur, Texas
Ranking
- 'Joker 2' actor pans DC sequel as the 'worst film' ever: 'It has no plot'
- Tennessee sheriff increases reward to $100,000 as manhunt for suspect in deputy's fatal shooting widens
- Hall of Fame receiver says he would be 'a viable option' if he were on an NFL playoff team
- Art exhibit honors fun-loving man killed in mass shooting in Maine
- Craig Melvin replacing Hoda Kotb as 'Today' show co-anchor with Savannah Guthrie
- Breaking down everything we know about Taylor Swift's album 'Tortured Poets Department'
- Father in gender-reveal that sparked fatal 2020 California wildfire has pleaded guilty
- Pamela Anderson reveals why she ditched makeup. There's a lot we can learn from her.
Recommendation
-
Georgia's humbling loss to Mississippi leads college football winners and losers for Week 11
-
The evidence that helped convict Amie Harwick's killer
-
Jessica Capshaw Returning to Grey's Anatomy for Season 20
-
Jeff Bezos sells nearly 12 million Amazon shares worth at least $2 billion
-
Waymo’s robotaxis now open to anyone who wants a driverless ride in Los Angeles
-
Wall Street marks a milestone as the S&P 500 closes above 5,000 for the first time
-
LIVE: Taylor Swift at the Super Bowl with Ice Spice, Blake Lively, Jason Kelce, Donna Kelce
-
What Danny DeVito Really Thinks of That Iconic Mean Girls Line