Macy’s Receives Second Buyout Offer of $6.6B
Macy’s has received another, higher bid of $6.6 billion from real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management.
"New York—Macy’s Inc. reportedly has received an even higher buyout offer following a proposal in December.
Real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management have increased their bid to $6.6 billion, up from the previous $5.8 billion offered, according to a report from The Wall Street Journal.
The offer amounts to $24 per share of the stock the two investor groups don’t already own, up from $21 per share.
Macy’s rejected their previous offer, and recently announced it was implementing another turnaround plan, this one dubbed “A Brand New Day.”
The plan entails closing 150 Macy’s stores over the next three years while investing in the remaining locations and opening more stores for its luxury brands, Bloomingdale’s and Bluemercury.
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The Macy’s board will review and evaluate the proposal, the retailer said in a statement confirming it had received the unsolicited bid.
“The Macy’s Inc. board has a proven track record of evaluating a broad range of options to create shareholder value, is open-minded about the best path to achieve this objective and is committed to continuing to take actions that it believes are in the best interests of the company and all Macy’s Inc. shareholders,” it said.
Arkhouse Management also has been challenging Macy’s board, Reuters reported, nominating nine director candidates to the 14-member board last month following Macy’s rejection of its initial $5.8 billion buyout offer.
“The board’s history of poor performance and continued refusal to engage constructively with our credible and motivated buyer group have led us to the decision to nominate ... "
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