(CercleFinance.com) – Macy’s has confirmed that it has received an unsolicited, non-binding proposal from Arkhouse Management and Brigade Capital Management to acquire all of the Company’s outstanding shares for $21.00 per share in cash.
Macy’s board of directors determined that the proposal did not provide a basis for entering into a non-binding agreement.
Macy’s Board of Directors has carefully reviewed the proposal in consultation with its independent legal, financial and real estate advisors.
Arkhouse and Brigade provided some requested additional information regarding their financing plan, which the Council reviewed with the assistance of Council advisors, but this additional information did not address the Council’s concerns about Arkhouse and Brigade’s capacity to finance their proposed transaction.
‘After careful consideration and efforts to gather additional information from Arkhouse and Brigade, the Board of Directors has determined that Arkhouse and Brigade’s proposal is not responsive and fails to provide compelling value to Macy’s shareholders,’ said Jeff Gennette, chairman and CEO. from Macy’s.
‘We remain open to opportunities that are in the best interests of the company and all of our shareholders. ‘
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