Macy’s Rejects , $5.8B Takeover Bid.
Last week, Macy's announced that it was laying off over 2,000 employees and closing five stores.
After news of the development surfaced,
Arkhouse and Brigade offered Macy's $21 per share ($5.8 billion) to purchase stock it doesn't already own and take over the company, ABC News reports.
Macy's has reportedly shot down the
offer due to an unfeasible financing
plan and "lack of compelling value.".
Following careful consideration and
efforts to gather additional information
from Arkhouse and Brigade, , Jeff Gennette, outgoing chairman
and CEO of Macy’s, via statement.
... the board determined that Arkhouse
and Brigade’s proposal is not actionable
and that it fails to provide compelling
value to Macy’s Inc. shareholders, Jeff Gennette, outgoing chairman
and CEO of Macy’s, via statement.
We continue to be open
to opportunities that are in
the best interests of the company
and all of our shareholders, Jeff Gennette, outgoing chairman
and CEO of Macy’s, via statement.
Macy's will have a new president and CEO, Tony Spring, next month, ABC News reports. .
It remains to be seen whether Spring will be able to shore up sales, a feat many retailers are attempting to accomplish in the wake of the pandemic. .
Macy's shares rose almost 4% in morning trading on Jan. 22, ABC News reports.