Arkhouse, Brigade Capital increase offer to acquire Macy’s to $24 per share

Arkhouse Management announced it has submitted an increased all-cash proposal to acquire Macy’s for $24 per share along with its partner, Brigade Capital Management. Arkhouse and Brigade have also disclosed additional information about their financing, including identifying Fortress Investment Group and One Investment Management US as equity capital partners for the proposed transaction. Gavriel Kahane and Jonathon Blackwell, Arkhouse Managing Partners, said: “We remain frustrated by the delay tactics adopted by Macy’s Board of Directorsand its continued refusal to engage with our credible buyer group. Nonetheless, we are steadfast in our commitment to execute this transaction. In recent months, Macy’s has introduced two restructurings and a dividend hike. The stock price selloff following these announcements is a strong indication of shareholder concern about maintaining the status quo. 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… After coordinating with our financing sources, we have increased our offer to $24.00 per share in cash. We remain open to increasing the purchase price further subject to the customary due diligence. The notion that the plan we are proposing is not actionable is simply not true.”