Arkhouse Management Co and Brigade Capital Management LP boosted their offer for Macy’s Inc by 14 percent after the retailer rebuffed a previous proposal.
The investors are offering US$24 per share for the storied department-store operator, up from US$21 a share previously, they said in a statement on Sunday.
The new offer represents a 33 percent premium to Macy’s US$18.01 closing price on Friday last week.
Photo: AP
Macy’s shares rose 14 percent to US$20.48 in premarket trading yesterday morning. They had reached a high of as much as US$21.24 following the initial offer before retreating.
Macy’s in January rejected the earlier bid from the investor group, saying the offer lacked “compelling value.”
The company has instead unveiled a restructuring that includes plans to close almost one-third of its namesake US locations, while growing its Bloomingdale’s and Bluemercury brands.
However, Arkhouse, which nominated nine directors to Macy’s board last month, is persisting in its efforts. The investor group on Sunday disclosed that Fortress Investment Group LLC and One Investment Management US are equity partners in the proposed transaction.
“We are steadfast in our commitment to execute this transaction,” Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said in the statement. “We continue to offer the company an attractive alternative solution through a sale of the company at a substantial premium. This would provide Macy’s stockholders with significant value and immediate liquidity.”
Brigade touted its experience in the retail industry and the strength of its offer in a statement on Sunday, urging the board to “to proceed in good faith for the benefit of all stakeholders.”
Macy’s on Sunday confirmed it received the revised proposal, saying that it would “carefully review and evaluate” the offer.
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