Arkhouse Partners and Brigade Capital Management have raised their proposed takeover bid for major U.S. department store chain Macy’s Inc. to $6.9 billion.
According to the July 2 Wall Street Journal, this bid marks the second time the investor groups, including Arkhouse and Brigade Capital, have increased their unowned stake in Macy’s, now offering $24.80 a share, up from a previous offer of $21. Arkhouse, which currently holds a 4.4% stake in Macy’s, and Brigade Capital are both seeking to acquire control of the department store chain.
The announcement of this new proposal also sent Macy’s stock up 1.1% in after-market trading.
In February 2024, Macy’s encountered a proxy fight with Arkhouse, which led to the addition of Richard Clark and Richard Markee, both nominated by activist investors, to its board of directors in April. Following this, it was announced that Arkhouse and Brigade Capital were negotiating a revised acquisition proposal. Clark and Markee joined the Finance Committee and, alongside their existing duties, were tasked with evaluating the proposals from Arkhouse and Brigade Capital.