Investment firm Arkhouse and global asset manager Brigade Capital have recently made an improved offer in their attempts to acquire struggling department store chain Macy’s. According to a recent report by The Wall Street Journal, the investment group raised its previous offer by $300 million.
Arkhouse, which owns a 4.4% stake in Macy’s, and Brigade Capital offered $6.6 billion, or $24 per share, in March to buy out the rest of the company’s shareholders. After a failed attempt, the duo returned with a new offer of $24.80 per share amounting to roughly $6.9 billion.
After Macy’s rejected the previous bid, Arkhouse launched a campaign to oust most of its 15-person board and get nine board seats. In an attempt to find a middle ground, the chain appointed two independent directors backed by Arkhouse as part of the process to determine whether accepting a takeover offer is in its interest.
Macy’s reported revenue of $4.85 billion for the past quarter, marking a 3.34% decrease compared to the same period in 2023 but surpassing analysts’ expectations of $4.81 billion. It also recorded $0.27 in earnings per share compared to an estimated $0.17.
Macy’s stock closed at $17.93 per share during the shortened trading session on Wednesday ahead of the market’s close for Independence Day. The company’s shares are 9.26% down year-to-date.