Arkhouse Management and Brigade Capital are raising their offer to buy Macy\u2019s by almost $1 billion, in hopes of taking the department-store chain private.<\/p>\n
In a statement Sunday, the investor group said it was increasing its bid to acquire Macy\u2019s Arkhouse and Brigade said their new offer is a 51.3% premium to Macy\u2019s share price as of Nov. 30, 2023, when they submitted their original proposal. And they noted it\u2019s a 33% premium to Macy\u2019s stock price as of Friday, when it closed at $18.01 a share.<\/p>\n \u201cWe remain frustrated by the delay tactics adopted by Macy\u2019s Board of Directors and its continued refusal to engage with our credible buyer group,\u201d Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said in a statement. \u201cNonetheless, we are steadfast in our commitment to execute this transaction.\u201d<\/p>\n In a statement<\/a> Sunday, Macy\u2019s confirmed it had received the offer and said it would \u201ccarefully review and evaluate the latest proposal consistent with the board\u2019s fiduciary duties and in consultation with its financial and legal advisors.\u201d A Macy\u2019s spokesperson said there was no additional comment.<\/p>\n Macy\u2019s announced a restructuring plan last week<\/a> that includes closing 150 stores, including its iconic flagship store in downtown San Francisco<\/a>. Separately, the company also announced fourth-quarter earnings that beat expectations.<\/p>\n \u201cWhile the restructuring plan Macy\u2019s unveiled last week failed to inspire investors, the fourth-quarter earnings and year-end results have given us further confidence in the long-term prospects of the company if redirected as a private company,\u201d Kahane and Blackwell said Sunday.<\/p>\n Macy\u2019s shares are down about 10% year to date, and have fallen 21% over the past 12 months, compared to the S&P 500\u2019s
\n M,
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\n to $24 a share, or about $6.6 billion, up from a bid of $21 a share, or about $5.8 billion, that Macy\u2019s board rejected in January<\/a>, saying at the time that it lacked \u201ccompelling value.\u201d<\/p>\n
\n SPX<\/a>
\n 8% gain in 2024 and 27% gain over the past year.<\/p>\n<\/p><\/div>\n<\/div>\n