Current:Home > MarketsMacy's receives a higher buyout offer of $6.6 billion after rejecting investors' earlier bid -TradeGrid
Macy's receives a higher buyout offer of $6.6 billion after rejecting investors' earlier bid
View
Date:2025-04-15 05:54:46
Macy's has received a higher buyout offer from two investment firms, Arkhouse Management and Brigade Capital Management, weeks after the department store chain rejected their prior takeover bid by saying it had a "lack of compelling value."
Shares of Macy's rose 3.4% in premarket trading.
Arkhouse and Brigade on Sunday said they are now offering a deal valued at $6.6 billion. Their all-cash buyout deal offers $24 each for the remaining shares that the firms don't already own, a 14% increase from their prior offer of $21 per share.
Macy's, which rejected their earlier offer in January, last week unveiled its own blueprint for revitalizing its struggling business, with its plans including closing 150 underperforming stores over the next three years. The retailer's new CEO, Tony Spring, said the closures will allow the business to focus on better-performing Macy's locations, with investments in customer service and updated product lines.
In their Sunday statement, Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell criticized Macy's new plan, saying it "failed to inspire investors."
Since unveiling the plan to shutter 150 Macy's locations, the stock has declined 6.7%.
Macy's on Sunday confirmed that it had received the "revised, unsolicited, non-binding" proposal. The New York-based company said that its board would carefully review the offer, and that it did not intend to comment further until the evaluation was complete.
—With reporting by the Associated Press.
Aimee PicchiAimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.
TwitterveryGood! (6273)
Related
- Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
- Trump heading to Ohio to rally for GOP’s Bernie Moreno ahead of March 19 primary
- Women’s roller derby league sues suburban New York county over ban on transgender female athletes
- Dozens allege child sexual abuse in Maryland treatment program under newly filed lawsuits
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Man pleads guilty to murdering University of Utah football player Aaron Lowe
- Texans are acquiring running back Joe Mixon from the Bengals, AP source says
- A former Boeing manager who raised safety concerns is found dead. Coroner suspects he killed himself
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Gender ID, sexual orientation can be talked about in Florida classrooms after lawsuit settlement
Ranking
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- The View's Whoopi Goldberg Defends Kate Middleton Over Photo Controversy
- Why Jason and Travis Kelce Are Thanking the Swifties for Their Latest Achievement
- What Biden told then-special counsel Robert Hur in their 5-hour interview, according to the transcript
- Why Sean "Diddy" Combs Is Being Given a Laptop in Jail Amid Witness Intimidation Fears
- Proof Channing Tatum Is Already a Part of Zoë Kravitz’s Family
- Equal education, unequal pay: Why is there still a gender pay gap in 2024?
- Driver crashes car into Buckingham Palace gates, police in London say
Recommendation
Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
New Hampshire AG’s office to play both offense and defense in youth center abuse trials
Chicken al Pastor returns to Chipotle menu after monthslong absence
Peter Navarro, former Trump White House adviser, ordered to report to federal prison by March 19
Average rate on 30
Kristin Cavallari Reveals How She Met Boyfriend and Hottest Guy Ever Mark Estes
Sting 3.0 Tour: Ex-Police frontman to hit the road for 2024 concerts
1 dead, 1 in custody after daytime shooting outside Pennsylvania Walmart