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The buyout bid for Macy’s from Arkhouse Management and Brigade Capital Management has been increased by 14%, from the earlier $5.8bn to $6.6bn. This comes after Macy’s rejected the earlier offer noting that the valuation was too low. “The Macy’s Inc Board will carefully review and evaluate the latest proposal,” Macy’s said. Brigade Capital emphasized its experience in the retail industry and the strength of its offer and Arkhouse’s managing partners also noted they were steadfast in their “commitment to execute this transaction”. Reuters notes that Macy’s faces a board challenge from Arkhouse after it nominated nine director candidates to Macy’s 14-member board last month.
Macy’s bonds were trading stable with its 6.7% 2028s at 98.7, yielding 7.1%.
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