Macy's Terminates $6.9B Buyout Talks with Arkhouse and Brigade, Shares Drop 15%

Jul 15, 2024, 01:05 PM

Macy's, Inc. announced on Monday that it has terminated discussions with Arkhouse Management and Brigade Capital Management regarding a potential $6.9B buyout. The decision was made after months of engagement failed to produce a viable proposal with secure financing. The revised offer of $24.80 per share was deemed non-actionable by Macy's board. Following the announcement, Macy's stock tumbled 12% in pre-market trading and later dropped 15%. Macy's cited a lack of certainty over financing and compelling value as reasons for ending the talks.