Investment firms Arkhouse Management and Brigade Capital Management have increased their all-cash proposal deal to acquire Macy’s from $21 per share to $24 per share, upping the total bid to $6.6 billion. The previous deal, which totaled $6.8 billion, was rejected by Macy’s in January.
Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said in a joint statement on Sunday that they “remain frustrated” by the Macy’s board’s “delay tactics,” but are still dedicated to completing the sale. They also said they were open to increasing the purchase price.
Macy’s announced last week that it planned to closed 150 stores nationwide over the next three years after a period of declining sales and fourth-quarter loss. The company confirmed Sunday that it had received the proposal from the investment firms and planned to review it carefully.
