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Macy’s rejected a $5.8bn acquisition bid offer from Arkhouse Management Co. and Brigade Capital Management. As reported earlier, the offer was made to the company in December. On Sunday, Arkhouse threatened to take its offer to shareholders if Macys didn’t step up the negotiations, post which, Macy’s responded saying that it’s board had decided to not enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade, citing concerns over their ability to finance the transaction. The buyout offer of $21/share represented a 19% premium over Macy’s closing price on Friday.
Macy’s bonds are trading stable with its 6.7% 2028s at 96.1, yielding 7.7%.
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