Macy's Rejects $5.8B Takeover Bid from Arkhouse Management

Macy's rejects a $5.8 billion takeover offer from Arkhouse Management and Brigade Capital, citing concerns about the financing plan and a lack of compelling value. The department store chain recently announced job cuts and store closures, and its board determined that the proposal is not actionable. The incoming CEO, Tony Spring, will take over next month, and analysts believe that Macy's management is hesitant about the real-estate focused approach of the potential buyers.