Macy's Inc. announced in a statement that its Board of Directors didn't accept the acquisition offer from Arkhouse Management Co. LP and Brigade Capital Management, LP, worth $5.8 billion.
The Board "has determined that the non-binding proposal does not constitute a basis to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade." The decision was made after "a careful review," the company said.
Macy's concluded that the bid "is not actionable" and it "fails to provide compelling value" to the company's shareholders, Chairman and CEO Jeff Gennette commented.
