Macy’s Inc. M It has reportedly decided to disclose its financial documents to Arkhouse and Brigade Capital, marking a potential turning point in their $6.6 billion privatization bid for the US department store operator.
The retailer, which previously rejected acquisition advances from Arkhouse and Brigade, has now agreed to a nondisclosure agreement, according to a Reuters report.
This agreement allows for the exchange of sensitive commercial information, the report notes.
Access to Macy’s information will help Arkhouse and Brigade meet debt obligations to finance the deal.
Arkhouse and Brigade recently increased their offer from $21 to $24 per share.
Macy’s is currently facing a board challenge from Arkhouse Management, which last month named nine director candidates in an attempt to influence the former’s decisions.
The company’s fourth-quarter revenue fell 1.4% year-over-year to $8.12 billion, missing consensus of $8.15 billion.
MACy’s has also decided to close approximately 150 unproductive locations by 2026.
Price action: M shares closed 1.41% higher at $21.54 on Tuesday.
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