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Update 9:50pm: Adds Macy’s, investor comment.
An investor group bidding to acquire Macy’s (NYSE:M) raised its offer by about $1 billion after the department-store chain rejected a prior proposal as too low.
Arkhouse Management and Brigade Capital Management offered to buy the 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 on Sunday.
Macy’s board will “carefully review” and evaluate the latest proposal Consultation with its financial and legal advisors, the retailer said in a statement.
The group in December had offered $21 a share. The new bid is 33% higher than the closing price on Macy’s (M) shares Friday.”
“We have 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 goal of reaching a transaction that would unlock significant value for all stockholders,” the investor group said in the statement on Sunday.
News of the increased bid was earlier reported by the WSJ.
Macy’s (M) stock had declined about 10% year-to-date through Friday.