Macy's (M) Rejects Buyout Offer, Prioritizes Shareholder Interest

Macy's, Inc. (M) recently made headlines by responding to an unsolicited acquisition offer. Arkhouse Management Co. LP and Brigade Capital Management, LP proposed to buy all outstanding shares of Macy’s at $21.00 per share, a bid that Macy's board of directors rejected.Let’s delve deeper.The proposal, received on Dec 1, 2023, was deemed non-binding and lacking in substantial value by Macy’s board. The board's primary concern was the absence of a solid financing plan from Arkhouse and Brigade. Despite reques ...