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
The grading lab said the search for her successor is underway.
In this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
A pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
The peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
Gemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
With versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
The executive brings more than two decades of industry experience to the role.
The New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
Adrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
The pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
Officers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
The “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
The seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
The artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.
Nine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
Miss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
“Promise by Effy” includes fashion jewelry and engagement rings.
The Texas-based jeweler is closing all three locations.
Zendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.
Garnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
The wholesaler is partnering with Australian brand Cheal Opal on a new offering of calibrated stones.