Investing.com - An investor consortium, including Arkhouse Management and Brigade Capital Management, has reportedly increased its acquisition offer for Macy’s Inc (NYSE: ) for the second time, according to the Wall Street Journal. The new offer aims to acquire the Macy's stock that the investors do not currently own for $24.80 per share, amounting to an estimated total of $6.9 billion. In April, Macy's appointed two new independent directors, ending a proxy battle with Arkhouse, which aimed to replace most of the 15-person board after its takeover offer was rejected by Macy's. Macy's revealed in April that it was engaging with Arkhouse and Brigade on their buyout proposal and had provided them with confidential information for due diligence purposes. However, the fall was less severe than Wall Street had predicted.

Source: Wall Street Journal July 04, 2024 10:49 UTC