Macy's Terminates Acquisition Talks with Arkhouse and Brigade, Stock Tumbles 12%

Jul 15, 2024, 12:36 PM

Macy's, Inc. announced on Monday that it has terminated discussions with Arkhouse Management and Brigade Capital regarding a potential acquisition. The decision was made because the revised proposal from Arkhouse and Brigade lacked certainty of financing and did not provide a compelling value. Despite months of engagement, the latest offer was $24.80 per share, but it was deemed non-actionable by Macy's board. Another offer was made at $24.00 per share. Following the announcement, Macy's stock tumbled 12% in pre-market trading.