Arkhouse Management and Brigade Capital Management have increased their bid to acquire Macy’s to approximately $6.9 billion, according to a report by the Wall Street Journal. Macy’s shares saw a 1.1% rise in after-market trading following the news. The revised offer prices Macy’s stock at $24.80 each, which is a significant increase from the original $24 per share bid in March. Arkhouse, currently holding a 4.4% stake in Macy’s, had previously raised the offer from $21 to $24 per share. The new offer represents nearly a 43% premium to Macy’s closing price on Dec. 8, when negotiations began. Earlier, Macy’s ended a two-month-long proxy contest with Arkhouse by appointing two of its nominees, Richard Clark and Richard Markee, to its board. These nominees are expected to help oversee the evaluation of the buyout proposal. Both Arkhouse and Brigade Capital, along with Macy’s, have not commented on this recent development.

Retail, Private Equity, Investment Management,United States

https://www.zawya.com/en/markets/equities/arkhouse-brigade-capital-raise-buyout-offer-for-macys-to-69bln-wsj-reports-pugezokr