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Macy’s Declines $5.8B Offer

The offer, which proposed $21 per share and would take the retailer private, was “firmly rejected.”




PHOTOGRAPHY: Ian Dewar Photography /
PHOTOGRAPHY: Ian Dewar Photography /

Macy’s (New York) “firmly rejected” a takeover proposal from Arkhouse Management and Brigade Capital Management that would take the department store private, according to a statement released by the two firms.

The proposal from the firms offered $21 per share, which equates to about $5.76 billion, based on Macy’s outstanding shares.

“We are highly motivated to consummate an acquisition of Macy’s and are prepared to pursue all necessary steps, including direct engagement with stockholders, to achieve this goal,” Arkhouse Managing Partners Gavriel Kahane and Jonathon Blackwell said in a statement.

Macy’s CEO Jeff Gennette stated in a letter to the firms’ executives, which was attached to the retailer’s press release, that the Macy’s board found that the “proposed cash equity contribution of only 25% of the required capital is well below current market levels for similar transactions.”



Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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