Macy's rejects $5.8B takeover bid to go private

Macy’s board of directors on Sunday rejected a $5.8 billion bid to take the company private because the proposal "lacks compelling value." Arkhouse Management Co. LP and partner Brigade Capital Management LP, which already has a significant stake in Macy's through Arkhouse-managed funds, issued an unsolicited proposal in December to acquire all the outstanding shares of the 165-year-old department store chain for $21 per share in cash. Macy's said its board "conducted a careful review of the proposal" with ...