Arkhouse Management Provides Information to Shareholders of Macy?s
April 01, 2024 at 09:46 pm EDT
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On April 1, 2024, Macy's, Inc. and Arkhouse Management Co. LP. announced that they appear to be nearing a potential agreement.
Arkhouse Management stated that it is seeking access to the Company?s financial records to further evaluate a possible takeover offer. Arkhouse Management added that this development follows Arkhouse Management and Brigade Capital increasing their initial offer to $24 per share for the Company outstanding stock, valuing the Company at $6.6bn. Arkhouse Management also stated that while the Company initially rejected Arkhouse Management's bid due to concerns about financing, the Company has shown a willingness to negotiate.
Arkhouse Management stated that it is reportedly continuing its push for control of the Company board through a proxy fight. Arkhouse Management nominated 9 new directors to the board, aiming to influence the Company?s strategic direction and potentially sway the board's decision on the takeover offer. Arkhouse Management added that the Company?s board, committed to acting in the shareholders' best interests, could consider an even higher offer from Arkhouse Management if deemed beneficial.
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.