Macy’s Rejects $5.8 Billion Takeover Offer From Investors
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Macy’s Inc. said Sunday that it wasn’t interested in a bid from Arkhouse Management Co. and Brigade Capital Management to take over the retailer, claiming the offer lacked “compelling value.”
The investors made a $5.8 billion, or $21 a share, offer for the company last month and Arkhouse earlier Sunday threatened to take its offer to shareholders if the department store chain doesn’t step up negotiations. The offer represents about a 19% premium to Macy’s closing price on Friday.