Macy’s Receives Second Buyout Offer of $6.6B
Following Macy’s refusal of the first offer, Arkhouse Management and Brigade Capital upped their bid.
Real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management have increased their bid to $6.6 billion, up from the previous $5.8 billion offered, according to a report from The Wall Street Journal.
The offer amounts to $24 per share of the stock the two investor groups don’t already own, up from $21 per share.
Macy’s rejected their previous offer, and recently announced it was implementing another turnaround plan, this one dubbed “A Brand New Day.”
The plan entails closing 150 Macy’s stores over the next three years while investing in the remaining locations and opening more stores for its luxury brands, Bloomingdale’s and Bluemercury.
The Macy’s board will review and evaluate the proposal, the retailer said in a statement confirming it had received the unsolicited bid.
“The Macy’s Inc. board has a proven track record of evaluating a broad range of options to create shareholder value, is open-minded about the best path to achieve this objective and is committed to continuing to take actions that it believes are in the best interests of the company and all Macy’s Inc. shareholders,” it said.
Arkhouse Management also has been challenging Macy’s board, Reuters reported, nominating nine director candidates to the 14-member board last month following Macy’s rejection of its initial $5.8 billion buyout offer.
“The board’s history of poor performance and continued refusal to engage constructively with our credible and motivated buyer group have led us to the decision to nominate a slate of highly qualified, independent directors to reconstitute Macy’s board,” Arkhouse said in a statement shared with Reuters.
Macy’s ranked No. 7 on National Jeweler’s 2023 “$100 Millon Supersellers” list, with an estimated $1.7 billion in jewelry and watch sales, up from $1.64 billion the previous year.
The Latest
It’s showtime for these jewels, inspired by the motifs and color palette of the new Tim Burton film.
CEO Efraim Grinberg pointed to a challenging consumer spending environment, particularly in the watch category.
Inspired by a 19th century sculpture, Mandler transformed gold into liquid for these earrings.
Growing your Instagram following organically is more important than ever in today's technological environment.
The model and entrepreneur stars in two new Chopard campaigns.
Ralph Simons is now CEO of the jewelry brand started by fashion designer Michal Kadar and her husband, Avraham Kadar, in 2015.
Jen Cullen Williams and Duvall O’Steen say it’s all about giving your social media feeds a human touch.
Supplier Spotlight Sponsored by GIA.
The models and friends of founder and artistic designer Valérie Messika showcase the brand’s jewelry in the “Back to Icons” campaign.
“From Italy, With Love” will showcase Roberto Coin, Marco Bicego, and other Italian brands.
The jewelry retailer will also have a diamond-set tennis racket on display at the tournament.
The retailer has moved into a 3,200-square-foot space at The Shops of Highland Park.
The month’s birthstone is vibrant in every color.
The special editions of the Premier, Navitimer, and Chronomat are equipped with a new perpetual calendar movement from the brand.
Fly away with designer Katey Brunini’s butterfly ring, as its spring-loaded wings flutter above your fingers.
The jewelry retailer has a new chief brand officer and chief operations officer.
Its next event will take place in D.C. on Sept. 17 and in New York City on Oct. 29.
“Broken Bangle: The Blunder-Besmirched History of Jade Nomenclature” is an in-depth look at the evolution of jade terminology.
It is partnering with retailer Tanishq on educating salespeople, shaping the in-store experience, and a “360-degree” marketing campaign.
Inflation remained a top concern among survey-takers who included write-in responses.
The wireless carrier is now stocking the Ultrahuman Ring Air in select U.S. stores.
In a collaboration with Muzo, Pamela Love hand-selected each Colombian emerald for eight one-of-a-kind pieces.
The certification is based on employee responses about their experience working at a company.
OFAC has issued two licenses addressing the issue, one for diamond-set jewelry and one for loose diamonds.
The gemological lab is looking to raise up to $477 million.
The annual jewelry design competition celebrates creativity, artistry, style, and excellence.
The boutique is in Easton Town Center’s newly renovated fashion district.