Macy's stock rallies as Arkhouse, Brigade reportedly sweeten their buyout offer

Dow Jones07-05

MW Macy's stock rallies as Arkhouse, Brigade reportedly sweeten their buyout offer

By Bill Peters and Steve Gelsi

Two investment firms raised their offer by around $300 million, Wall Street Journal reports

Macy's Inc.'s stock rallied Friday on a report that Arkhouse Management and Brigade Capital Management have raised their offer for the retailer by around $300 million, according to the Wall Street Journal reported on Wednesday.

The firms, the Journal said, have offered to buy the shares of Macy's $(M)$ they don't already have for $24.80 apiece, amounting to a $6.9 billion deal overall.

A spokesperson for Arkhouse declined to comment in an email to MarketWatch.

Macy's stock (M) was up by 8.7% in morning trades.

Macy's did not immediately respond to a request for comment on Wednesday.

However, the stock is down 3.9% so far this year. Wall Street remains concerned about shoppers' appetite for spending on clothing and other accessories as higher prices continue to force many to prioritize essential purchases. Macy's this year has announced layoffs and closures of dozens of stores.

The company in April said it would put two of Arkhouse's nominees on its board, ending a proxy fight with the private-equity firm. Two earlier offers from Arkhouse and Brigade were lower.

-Bill Peters -Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 05, 2024 09:49 ET (13:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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