The prestigious US department store chain Macy's is the focus of a takeover battle after the investor group Arkhouse and Brigade Capital significantly improved their bid. With the new offer, the prospective buyers now value the company at 6.6 billion US dollars and are offering shareholders 24 US dollars per share instead of 21 US dollars. This represents a price increase of 14.3 percent compared to the previous offer and a 33.3 percent increase compared to the closing price on March 1, 2024.
The investors' original offer was rejected by Macy's due to concerns about financing, as it was tied to unusual preconditions. The investor group has since revised and disclosed that they are relying on equity partners Fortress Investment Group LLC and One Investment Management US to finance the transaction.
The board of Macy's has confirmed that an improved offer has been received and will now carefully review and evaluate the proposal. The latest developments are causing a positive reaction on the stock market as Macy's stock temporarily rose by 14.49 percent to 20.62 US dollars during NYSE trading. However, the stock price is still significantly below the current offer price.
The investor groups Arkhouse and Brigade Capital aim for a complete takeover of Macy's and are now trying with their revised offer to dispel the company's doubts. Macy's shareholders can look forward to a significant increase in the takeover price and are expected to benefit from the increased attractiveness of the deal. The acquisition could be a milestone for the future development of Macy's and is being closely watched by the markets.
