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

Nordstrom

15/07/2024 15:03

(Updates)
    ** Shares of department store chain Macy's  M.N  down as
much as 15.8% at $16.07, lowest since Dec. 2023
    ** Stock set for worst day since June 11, 2020, if losses
hold 
    ** 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 it 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  and Kohl's  KSS.N  down ~2% in
early trading
    ** JWN's founding family had shown interest in pursuing a
potential go-private deal, Reuters reported in April
    ** Including session's moves, M stock down ~19% YTD

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