NEW YORK - Macy's Inc (NYSE:M)'s board of directors has declined a takeover bid valued at $5.8 billion from investors Arkhouse Partners and Brigade Capital Management. The board cited concerns regarding the adequacy of the financing for the deal and the value it offered to Macy's shareholders.
The rejected proposal comes despite the fact that it offered a substantial premium over Macy's stock price as of December 8. In response to the news of the acquisition offer, Macy's share price experienced a premarket uplift, climbing approximately 1% to reach $17.85.
Among the initiatives under consideration by Macy is the potential for strategic options concerning its Bloomingdale's brand.
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