Macy’s is cutting of talks with Arkhouse and Brigade, citing the lack of certain financing.
FILE - Cars are parked in front of a Macy's store at Hawthorn Mall in Vernon Hills, Ill., June 3, 2024. Macys 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 Macys in a deal then valued at $6.6 billion, or $24 per share cash, up from a earlier offer of $21 per share.
In announcing the end of negotiations on Monday, Macy’s alleged that Arkhouse Management and Brigade Capital Management did not meet its request for information by a June 25 deadline, including the highest purchase price they were prepared to pay and details about how the revised deal would be financed.
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.
Adjusted per share earnings were 27 cents, or 11 cents better than Wall Street was looking for, according to a survey by FactSet.Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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