M - Arkhouse and Brigade Increase Macy's Offer to $24 Per Share

2024-03-04 05:52:12 ET

DENVER, Colo., Mar 04, 2024 ( 247marketnews.com )- Arkhouse Management announced, on Sunday, that it increased its all-cash offer to acquire Macy’s (NYSE: M ) for $24.00 per share, representing a 51.3% premium to Macy’s unaffected share price on Nov. 30, 2023, the day prior to Arkhouse and its deal partner, Brigade, submitting their original proposal on Dec. 1, 2023, and a 33.3% premium to Macy’s March 1, closing price.

Macy’s is trading at $20.50, up $2.49 (+13.82%), on 51K premarket shares traded.

“We remain frustrated by the delay tactics adopted by Macy’s Board of Directors and its continued refusal to engage with our credible buyer group. Nonetheless, we are steadfast in our commitment to execute this transaction. In recent months, Macy’s has introduced two restructurings and a dividend hike. The stock price selloff following these announcements is a strong indication of shareholder concern about maintaining the status quo. We continue to offer the Company an attractive alternative solution through a sale of the Company at a substantial premium. This would provide Macy’s stockholders with significant value and immediate liquidity.

We sincerely hope the members of the Board are not so entrenched in their views about the future direction of the Company that they would ignore their fiduciary duties to explore a potential transaction with a credible buyer. We remain ready to proceed expeditiously with our due diligence toward a mutually agreeable transaction to acquire Macy’s at a substantial premium in cash.”

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