Arkhouse increased its offering to buy Macy’s to $6.6 billion while giving more details on its financing.
Shares of Macy’s Inc. jumped 13.6 percent to $20.45 on Monday after Arkhouse Management Co. and Brigade Capital Management boostedArkhouse and Brigade sweetened their buyout proposal to $24 a share, up from the $21 price floated on Dec. 1.
So far, Macy’s has kept the would-be buyers at arm’s length, having raised questions about the financing behind the proposal and refusing the suitors access to confidential information that would help them raise the price. But first the pair is trying again to get Macy’s to engage with a higher price and some more details on its financing.
The new price represents a 51.3 percent premium to Macy’s stock price on Nov. 30, the day before Arkhouse and Brigade first made their overture, the investors said.
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