Macy’s is cutting of talks with Arkhouse and Brigade, citing the lack of certain financing. In March, Arkhouse Management and Brigade Capital Management raised their offer to acquire Macy’s in a deal then valued at $6.6 billion, or $24 per share cash, up from a earlier offer of $21 per share.
FILE - Cars are parked in front of a Macy’s store at Hawthorn Mall in Vernon Hills, Ill., June 3, 2024. Macy’s Inc. said Monday, July 15, it will no longer pursue merger talks with Arkhouse and Brigade, citing the lack of certain financing. In March Arkhouse Management and Brigade Capital Management raised their offer to acquire Macy’s in a deal then valued at $6.6 billion, or $24 per share cash, up from a earlier offer of $21 per share.
And in April, Macy’s named two independent directors to its board that were pushed by activist investor Arkhouse, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain., which have held up better overall. Macy’s said it will open 15 higher end Bloomingdale’s stores and 30 luxury Bluemercury cosmetics locations to cater to customers seeking higher end services and goods.
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