June 22, 2024

Macy’s rejects Arkhouse’s $5.8 billion bid, citing financing concerns

A Macy’s store is seen at Herald Square on December 11, 2023 in New York City. 

Michael M. Santiago | Getty Images

Macy’s on Sunday 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.

Arkhouse Management, a real-estate-focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the shares of Macy’s they don’t already own for $21 a share, Arkhouse confirmed earlier on Sunday.

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