All articles tagged with #brigade capital
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 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.
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.