Macy's Inc. (NYSE:M) is holding discussions with Arkhouse Management Co LP, regarding the US department store operator's granting access to its financial records for the assessment of a potential higher buyout proposal, the activist investor said on March 14, 2024. The move, revealed in a regulatory filing, comes after in early March, Arkhouse and Brigade Capital Management LP submitted an improved unsolicited buyout proposal of USD 24 per share in cash for Macy's, valuing the business at USD 6.58 billion (EUR 6.02 billion). Arkhouse said in the filing that Macy's had described its latest offer as "less than compelling" in a letter sent to the investor on March 11.
"Negotiations with respect to the confidentiality agreement remain ongoing and Arkhouse Management and Brigade continue to await access to the requested diligence materials," Arkhouse said. The bidders hold a significant stake in Macy?s through Arkhouse-managed funds, according to a previous statement.
Macy's, Inc. is an omni-channel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Belgique, Cerulean 6, Charter Club, Club Room, Epic Threads, Family PJ's, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, and others.
MACY'S, INC. 
