Investors allegedly raise takeover proposal for Macy's by $1B - Breaking The News

Investors allegedly raise takeover proposal for Macy's by $1B

3 March

1 min read

EPA-EFE/ETIENNE LAURENT

Arkhouse Management Co. LP and Brigade Capital Management, LP raised their offer to acquire Macy's Inc. by nearly $1 billion, after the company rebuffed the previous offer made by the investor group, the Wall Street Journal reported, citing people familiar with the matter.

The offer will now stand at $24 per share amounting to $6.6 billion, up from the previous proposal of $21 per share. Macy's refused the previous offer in January, saying that the bid failed to "provide compelling value" to shareholders.

The company previously announced it will close 150 stores in the United States over the next three years.

mergers and acquisitions macy's

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