Macy's Confirms Receipt Of Proposal From Arkhouse & Brigade; Says Proposal Lacks Compelling Value

(RTTNews) - Macy's Inc. (M) confirmed Sunday that it received an unsolicited, non-binding proposal from Arkhouse Management Co. LP and Brigade Capital Management, LP to acquire all of the outstanding shares of the company for $21.00 per share in cash on December 1, 2023.

The department-store chain stated that Arkhouse and Brigade failed to provide evidence of a viable financing plan, and the unsolicited proposal lacks compelling value.

Therefore, Macy's said it has determined that the non-binding proposal does not constitute a basis to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade.

Earlier today, Arkhouse Management urged Macy's to engage expeditiously in good faith discussions with the goal of achieving a mutually agreeable transaction that can provide superior value to stockholders. It is highly motivated to consummate an acquisition of Macy's and is prepared to pursue all necessary steps, including direct engagement with stockholders, to achieve the goal, the Real estate investment firm said in a statement.