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Brigade Capital Management

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business1 year ago

Macy's Ends Buyout Talks, Stock Plummets 12%

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.

via ABC News|
#arkhouse-management#brigade-capital-management#business
business1 year ago

"Arkhouse and Brigade Capital Increase Macy's Takeover Bid to $7 Billion"

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.

via Fox Business|
#arkhouse-management#brigade-capital-management#business
business1 year ago

"Arkhouse and Brigade Increase Macy's Takeover Bid to $6.6 Billion"

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.

via The Associated Press|
#acquisition-offer#arkhouse-management#brigade-capital-management
business1 year ago

Investor Group Increases Macy's Buyout Bid to $6.6 Billion

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.

via CNBC|
#acquisition#arkhouse-management#brigade-capital-management
business2 years ago

Macy's Rejects $5.8B Bid, Investor Threatens Shareholder Appeal

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.

via Reuters|
#acquisition-bid#arkhouse-management#brigade-capital-management
business2 years ago

Macy's Contemplates $5.8B Buyout Offer from Arkhouse and Brigade

Macy's Inc. has reportedly received a $5.8 billion buyout offer from an investor group including Arkhouse and Brigade Capital Management. The offer of $21 per share represents a 20.8% premium over Macy's market capitalization. The bid is seen as a potential steal, considering Macy's struggles in the retail sector. The real estate holdings of Macy's, including its flagship store in Herald Square, are believed to be the main attraction for the investor group. Macy's executives are hoping that cost-cutting measures and growth strategies will raise the company's value next year. However, the offer is unlikely to be accepted as is, and it is expected that the price will be increased.

via WWD|
#arkhouse#brigade-capital-management#business
business2 years ago

Macy's Contemplates $5.8 Billion Buyout Offer

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.

via Yahoo Finance|
#arkhouse-management#brigade-capital-management#business