Arkhouse Management and Brigade Capital Management have increased their bid to acquire Macy's, now valuing the deal at $6.6 billion. The investment firms announced a new all-cash proposal of $24 per share, up from their previous offer of $21 per share. Macy's had rejected the initial $5.8 billion deal in January, citing concerns about the financing plan and a perceived lack of compelling value.
In a joint statement, Arkhouse managing partners expressed frustration with Macy's board for delaying tactics and refusal to engage. They reiterated their commitment to completing the transaction and indicated a willingness to raise the purchase price further, pending customary due diligence.
