Arkhouse Management and Brigade Capital Management submitted a revised, unsolicited, non-binding proposal to acquire all of the outstanding shares of Macy’s for $24 per share in cash.
The board of Macy’s will review and evaluate the latest proposal consistent with the board’s fiduciary duties and in consultation with its financial and legal advisors. The company does not intend to comment further on the proposal until the board has completed its review.
Bank of America Securities and Wells Fargo are acting as financial advisors and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Macy’s.
