Macy's Rejects $5.8 Billion Takeover Bid Amid Financial Struggles

Investment firms Arkhouse Management and Brigade Capital Management's offer deemed lacking in 'compelling value'; Macy's remains open to future opportunities.

Macy's has rejected a $5.8 billion takeover bid from investment firms Arkhouse Management and Brigade Capital Management, stating that the proposal 'lacks compelling value' and expressing concerns about the bidders' ability to finance the deal.
The bid, which was unsolicited, proposed to acquire all of Macy's stock that the firms did not already own at $21 per share.
Arkhouse Management and Brigade Capital Management have indicated that they could potentially increase their offer if granted access to necessary due diligence.
Macy's has been struggling in recent years, with shares falling about 30% over the past five years, and recently announced plans to lay off 2,350 employees and close five stores.
Despite the rejection, Macy's CEO Jeff Gennette stated that the company remains 'open to opportunities that are in the best interests of the company and all of our shareholders.'