All articles tagged with #arkhouse management
Macy's has ended buyout talks with Arkhouse Management and Brigade Capital due to concerns over financing and valuation, leading to a 15% drop in its shares. The investor group's revised offer of $24.80 per share valued Macy's at $6.86 billion. Macy's will now focus on its turnaround plan under new CEO Tony Spring, which includes job cuts and store closures.
Macy's has ended its takeover discussions with Arkhouse Management and Brigade Capital Management due to an unsatisfactory offer and uncertainty over financing. The investment firms failed to provide necessary information by the deadline, and their proposal was deemed "not compelling." Macy's shares fell 14.5% following the announcement. The company will now focus on its own turnaround strategy, which includes closing stores, upgrading remaining locations, and expanding luxury and small-format stores. Macy's recent financial results showed some positive signs, beating Wall Street expectations.
Arkhouse Management and its partner Brigade are negotiating a confidentiality agreement with Macy's to gain access to its financials, as part of their efforts to take over the department store giant. Macy's rejected Arkhouse's initial bid but is now willing to negotiate, although it finds the offer "less than compelling." Arkhouse's all-cash offer values Macy's at $24 per share, representing a 14.3% increase from its original proposal. Macy's is also pursuing its growth strategy, including closing underperforming locations and improving its tech platform, while Arkhouse continues its proxy battle by nominating candidates to Macy's board of directors.
Investment firms Arkhouse Management and Brigade Capital Management have made a new all-cash buyout offer to Macy’s at $24 per share, representing a 33.3% premium to the previous closing price. This comes after Macy’s announced plans to close 150 underperforming stores by 2026 and focus on its more upscale brands. The retailer's board will review the proposal, which follows a prior rejection due to concerns about financing and value. Macy’s annual net sales and net income have given the investment firms confidence in the company's long-term prospects, and they are open to potentially raising their offer even higher.
Investment firms Arkhouse Management and Brigade Capital Management have increased their acquisition offer for Macy's to $6.6 billion, up from a previous offer of $5.8 billion that was rejected by the retailer in January. Macy's confirmed receiving the revised proposal and stated that its board would carefully review the offer. The investment firms expressed frustration with Macy's board's delay tactics and reiterated their commitment to completing the transaction. Macy's recently announced plans to close 150 namesake stores over the next three years and upgrade its remaining 350 stores as part of restructuring efforts.
Arkhouse Management and Brigade Capital Management have increased their bid to acquire Macy's for $6.6 billion, offering $24 per share, a 14% increase from their previous offer. The new proposal represents a 33% premium to Macy's last closing price and aims to provide stockholders with immediate liquidity. Macy's board will review the latest offer, following the rejection of a previous bid due to concerns over financing and valuation. The department store operator, facing challenges from online competitors, is also confronting a board challenge from Arkhouse Management, which has nominated nine director candidates.
Investment firm Arkhouse Management has nominated a slate of nine directors for election to Macy's board after the department store rejected its $5.8 billion take-private bid in December. Macy's has questioned the status of Arkhouse's financing, while Arkhouse claims its financing is committed and has intimated it would be willing to launch a proxy fight at the retailer. Macy's has not yet set a date for its 2024 annual shareholder meeting, where shareholders will be able to pick and choose individual director nominees from both activist and management slates.
Macy's rejects a $5.8 billion takeover bid from Arkhouse Management and Brigade Capital Management, citing concerns about the financing plan and a lack of compelling value. The department store operator has been making strategic moves to shore up sales, including laying off about 3.5% of its total headcount and closing five locations. The rejection comes as Macy's and other department stores face pressure to increase sales in a post-pandemic world, with some struggling to compete with online rivals and facing challenges from inflation. Macy's has been embracing small-format stores and plans to add up to 30 new locations by fall 2025.
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.
Macy's has rejected a $5.8 billion bid from Arkhouse Management and Brigade Capital Management to take the department store private, citing concerns over deal financing and valuation. The investor group proposed to acquire the shares they don't already own for $21 a share, but Macy's deemed the offer lacking compelling value and expressed doubts about the financing. The bid has drawn attention to the undervaluation of Macy's real estate, which is estimated to be worth billions, and comes as the company announced job cuts and store closures in an effort to streamline operations.
Macy's has received a $5.8 billion buyout offer from real estate investor Arkhouse Management and asset manager Brigade Capital Management, valuing the company at about $21 a share. The offer represents a 32.4% premium to Macy's closing price on November 30. Macy's board, led by retail veterans, is currently considering the offer. The company's prized real estate holdings, including its iconic Herald Square location in New York City, have been valued at $6 billion to $8 billion. Macy's must also consider the potential disruption of a buyout process during the ongoing holiday shopping season and the upcoming CEO transition in 2024.
An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 billion offer to take department store chain Macy's private, in response to increased competition from online rivals. The group, which already holds a significant stake in Macy's, submitted a proposal to acquire the remaining stock for $21 a share. Macy's board has met to discuss the offer, but it is unclear how the retailer views the proposal.