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Update 9.50pm: Adds Macy’s, investor commentary.
A group of investors making an offer to acquire Macy’s (NYSE:M) increased its offer by about $1 billion after the department store chain rejected an earlier proposal as too low.
Arkhouse Management and Brigade Capital Management offered at buy Macy’s (M) shares they don’t already own for $24 each, or $6.6 billion, Macy’s and the investor group confirmed in statements Sunday.
Macy’s board of directors will “carefully review” and evaluate the latest proposal in consultation with its financial and legal advisors, the retailer said in a statement.
The group had offered $21 per share in December. The new offering is 33% higher than the closing price of Macy’s (M) shares on Friday.”
“We struggled to understand what reservations the Board might have at this point and urge the Company to engage with us in good faith with the aim of reaching a transaction that would unlock significant value for all shareholders,” the investor group said in the note. Sunday.
News of the supply increase was previously reported by the WSJ.
Year to date through Friday, Macy’s (M) shares are down about 10%.