Macy's plunges after ending buyout talks with Arkhouse, Brigade Capital

Nordstrom

15/07/2024 14:27

(Updates)
    ** Shares of department store chain Macy's  M.N  fall ~15%
to $16.23 premarket
    ** Co terminates buyout discussions with Arkhouse Management
and Brigade Capital Management
    ** Says revised proposal to buy Macy's lacks certainty of
financing and does not provide compelling value
    ** Co discloses the investor group had revised its offer on
June 26 to buy Macy's stock it does not already own for $24.80
apiece, valuing the co at $6.86 bln, up from $24 per share
offered in March
    ** In Dec. 2023, investor group first made $5.8 bln offer to
take department store chain private
    ** Peers Nordstrom  JWN.N  also down 4.1%, while Kohl's
 KSS.N  falls 2%
    ** JWN's founding family had shown interest in pursuing a
potential go-private deal, Reuters reported in April
    ** Up to last close, M stock down ~5.1% YTD

 (Reporting by Arsheeya Bajwa and Anuja Bharat Mistry in
Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))