XRT - Why Is Department Store Chain Macy's Stock Getting Battered Today? | Benzinga
Macy’s, Inc. (NYSE:M) shares are trading lower after the company announced today that it has terminated discussions with Arkhouse Management Co. LP and Brigade Capital Management, LP, citing the proposal does not provide compelling value.
The decision comes after months of engagement without reaching an actionable proposal with certainty of financing and compelling value.
Macy’s Board and management team have engaged with Arkhouse and Brigade since December 2023. In March 2024, a confidentiality agreement was signed to facilitate due diligence after an increased proposal from $21.00 to $24.00 per share, with potential for further increase upon access ...