Macy?s, Inc Confirms Receipt of Revised, Unsolicited, Non-Binding Proposal from Arkhouse and Brigade
March 04, 2024 at 05:28 pm EST
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On March 3, 2024, Macy?s, Inc. confirmed that it has received a revised, unsolicited, non-binding proposal from Arkhouse Management Co. LP and Brigade Capital Management, LP to acquire all of the outstanding shares of the Company for $24.00 per share in cash. The Company stated that its 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.
The Company 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 the Company shareholders. The Company does not intend to comment further on Arkhouse and Brigade?s revised, unsolicited non-binding proposal until the Board has completed its review. In addition, the Company stated that its shareholders do not need to take any action at this time.
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. 
