The investor group comprising Arkhouse Management and Brigade Capital Management raised their bid to acquire the department store operator Macy’s (NYSE:M). This follows Macy’s rejection of their initial $5.8 billion offer, citing a “lack of compelling value” and raising doubts about Arkhouse and Brigade’s ability to finance the proposed deal.
Furthermore, the investor consortium has indicated its willingness to raise the bid even more, subject to the customary due diligence.
The Revised Offer
Arkhouse and Brigade Capital announced they have put forward an increased all-cash offer to acquire Macy’s at $24 per share. This revised bid represents a 33.3% premium over the closing price on March 1, 2024. Furthermore, this offer is 14.3% higher than its previous offer of $21 per share.
Additionally, in response to financing apprehensions raised by Macy’s, Arkhouse and Brigade have elaborated on their financing…
