HomeInvestmentsArkhouse, Brigade Capital Improve Their Offer to Acquire Department Store Chain Macy’s

Arkhouse, Brigade Capital Improve Their Offer to Acquire Department Store Chain Macy’s

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.

Intuit to Lay Off 1,800 Employees and Make New Hires as Part of AI Push

Financial software company Intuit, developer of tax preparation application TurboTax, announced it will lay off 1,800 employees as part of its Artificial Intelligence push....

PepsiCo Stock Dips After Mixed Earnings Report

PepsiCo, the parent company of brands like Pepsi, Lays, and Quakers, shared a mixed earnings report for the second quarter on Thursday. The company’s...

Court Rules That Elon Musk Doesn’t Need to Pay $500 Million in Severance to Fired Twitter Staffers

X (former Twitter) owner and Tesla CEO Elon Musk won’t have to pay out an additional $500 million in severance to Twitter staffers he...