Macy's Opens Financial Records to Arkhouse, Brigade: Report
Portfolio Pulse from Shivani Kumaresan
Macy's Inc. (NYSE:M) has opened its financial records to Arkhouse and Brigade Capital as part of a potential $6.6 billion privatization bid. This move, following a confidentiality agreement, could help Arkhouse and Brigade secure debt commitments for the deal. The bid has been raised from $21 to $24 per share. Macy's, facing a board challenge from Arkhouse Management and a 1.4% decline in Q4 revenue, plans to close 150 locations by 2026. M shares closed higher by 1.41% at $21.54.
March 20, 2024 | 11:37 am
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Macy's Inc. is considering a $6.6 billion privatization bid from Arkhouse and Brigade Capital, with the offer raised to $24 per share. The company faces a board challenge and plans to close 150 stores by 2026.
Opening financial records to Arkhouse and Brigade indicates serious consideration of the privatization bid, potentially leading to a higher stock price in the short term. The raised bid to $24 per share, above the current price, suggests a positive outlook. However, the board challenge and store closures indicate underlying challenges that could temper long-term gains.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100