Arkhouse and Brigade up Macy's takeover offer to $6.6 billion following rejection of previous deal

NEW YORK -- Arkhouse Management and Brigade Capital Management are upping their connection to get Macy's successful a woody present valued astatine $6.6 billion.

The concern firms announced Sunday that they had submitted an all-cash connection of $24 for each of the remaining shares successful Macy's they don't already ain - up from an earlier connection of $21 per share.

Macy's rejected the erstwhile deal, which was valued astatine $5.8 billion, successful January. At the time, the retailer said that its committee reviewed the concern firms' connection and not lone had concerns astir the financing plan, but besides felt determination was a "lack of compelling value."

In a associated connection Sunday, Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said that they "remain frustrated by the hold tactics" from Macy's committee and its "continued refusal to engage" - but were inactive committed to completing the transaction.

Kahane and Blackwell added that they had repeatedly tried to code the company's concerns, and were unfastened to expanding the acquisition terms much "subject to the customary owed diligence."

Macy's connected Sunday confirmed that it had received the "revised, unsolicited, non-binding" proposal. The New York-based institution said that its committee would cautiously reappraisal the offer, and that it did not mean to remark further until the valuation was complete.

Last month, Arkhouse moved to nominate 9 radical for Macy's board. Macy's astatine the clip said it had been seeking further financing accusation - but that Arkhouse alternatively sent a missive requesting that the institution widen its manager information model by 10 days.

Arkhouse, meanwhile, said it had provided further financing details and that the steadfast requested the deadline hold successful hopes of continuing to prosecute privately. Since that petition was rejected, Arkhouse added, the steadfast nominated directors.

On Tuesday, Macy's announced it would close 150 namesake stores implicit the adjacent 3 years including 50 by year-end aft posting a fourth-quarter nonaccomplishment and declining sales. As portion of restructuring efforts, the section store concatenation besides said it would upgrade its remaining 350 stores.