InsideArbitrage Potential Deal Alert: Macy’s (M) Receives A $5.8 billion Buyout Offer

POTENTIAL DEAL DETAILS

According to WSJ, an investor group has submitted a bid for the famed department store chain Macy’s (M) that would take the retailer private at a value of $5.8 billion. Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, on December 1 submitted a proposal to acquire the Macy’s stock they don’t already own for $21 a share.

Macy’s Investor Relations

Update(s):

January 21, 2024: Macy’s said on Sunday it had rejected Arkhouse Management and partner Brigade Capital Management’s $5.8 billion proposal to take the department store operator private, citing concerns over deal financing and valuation.

January 25, 2024: According to the NY Post, Private-equity giant Sycamore Partners is exploring a possible bid to buy Macy’s (M). Sycamore has been in quiet talks with Macy’s since at least late December.

March 3, 2024: Macy’s (M) confirmed that it has received a revised, unsolicited, non-binding proposal from Arkhouse Management Co. and Brigade Capital Management, LP to acquire all of the outstanding shares of the Company for $24.00 per share in cash.

March 14, 2024: According to the proxy filing, Macy’s (M) is open to signing a confidentiality agreement that would grant its suitors, Arkhouse Management Co. and Brigade Capital Management, access to certain information about the business, in an effort to get the investment firms to increase their latest takeover offer.

March 19, 2024: Macy’s (M), told Reuters that it will open its books to Arkhouse and Brigade Capital, a potential breakthrough in the investment firms’ $6.6 billion bid to take the U.S. department store operator private.

April 10, 2024: Macy’s (M) agreed to add two directors, Richard Clark and Richard Markee, from Arkhouse Management to its board effective immediately , ending a proxy battle with the investor. Macy’s (M) also said its board continues to engage with Arkhouse and Brigade regarding their proposal to acquire the company for $24 a share.

July 3, 2024: According to WSJ, Arkhouse Management and Brigade Capital Management have raised their bid to buy Macy’s (M) for about $6.9 billion.

July 15, 2024: Macy’s (M) announced that following months of engagement, its Board has determined to terminate discussions with Arkhouse and Brigade that have failed to lead to an actionable proposal with certainty of financing at a compelling value.

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.