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Macy's surges as Arkhouse and Brigade lift takeover offer
(Sharecast News) - Macy's shares surged in pre-market trade on Monday after the department store retailer said that Arkhouse Management and Brigade Capital Management had lifted their takeover offer the company to $6.6bn. Under the terms of the new proposal, they are offering $24 per share in cash for the remaining shares they don't already own, up from $21 previously.
"The Macy's, Inc. Board will carefully review and evaluate the latest proposal consistent with the board's fiduciary duties and in consultation with its financial and legal advisors," it said.
"The Macy's, Inc. Board has a proven track record of evaluating a broad range of options to create shareholder value, is open-minded about the best path to achieve this objective and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders."
Macy's announced in January that it had rejected a $5.8bn offer from Arkhouse and Brigade, saying there was a "lack of compelling value" in the proposal.
At 1055 GMT, the shares were up 17 % in pre-market trade at $20.92.
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