Macy's: shares soar on revised offer from funds

(CercleFinance.com) - Macy's shares soared up to 15% on the New York Stock Exchange on Monday, after the company confirmed that it had received an increased unsolicited offer for its entire share capital from the Arkhouse and Brigade funds.


The investor duo is now offering $24 in cash for each Macy's share, valuing the department store chain at more than $6.5bn.

The offer represents a premium of over 33% to Friday's closing price.

Macy's Board of Directors intends to carefully study and evaluate the latest proposal from Arkhouse and Brigade.

While Macy's emphasizes its proven track record of evaluating options to create shareholder value, it also says it is open-minded' about ways to achieve this goal.

The New York-based group adds that it is committed to pursuing initiatives that, in its view, would be in the best interests of the company and its shareholders.

However, Macy's is asking its shareholders not to make any decisions at this time.

Arkhouse and Brigade, who had previously offered $21 per share, say they are frustrated by the board's hesitant strategy, buying time, and by its refusal to enter into discussions despite what they consider to be a 'credible' offer.


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