Macy’s board “unanimously determined to terminate discussion with Arkhouse and Brigade that have failed to lead to an actionable proposal with certainty of financing at a compelling value.”…
Macy’s ended talks with the activist investors Arkhouse Management and Brigade Capital, claiming they lack the funds to acquire the largest department store in the world, Macy’s said on Monday.
The Macy’s board has “unanimously determined to terminate discussion with Arkhouse and Brigade that have failed to lead to an actionable proposal with certainty of financing at a compelling value,” the company said in a statement.Most recently in June, the investors offered a purchase price of $24.80 per share in cash – a deal valuing the iconic chain at $6.9 billion that Macy’s board said was “not compelling.
“While it remains early days, we are pleased that our initiatives have gained traction, reinforcing our belief that the company can return to sustainable, profitable growth, accelerate free cash flow generation and unlock shareholder value,” he added.
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