M - Department Store Chain Macy's Rejects $5.8B Takeover Proposal Bid Over Financing Concerns | Benzinga
Sunday, Macy’s Inc (NYSE:M) confirmed receiving an unsolicited, non-binding proposal from Arkhouse Management Co LP and Brigade Capital Management LP to acquire the company at $21.00 per share.
In light of the Board’s concerns and the lack of compelling value in their non-binding proposal, the Board has determined not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade.
“Following careful consideration and efforts to gather additional information from Arkhouse and Brigade, the Board determined that Arkhouse and Brigade’s proposal is not actionable and that it fails to provide compelling ...