Arkhouse responded by launching a proxy battle to replace nine of Macy's 15 board members and raised its bid to $6.6 billion ($24 per share) in March 2024.
Macy's, Inc. Terminates Discussions with Arkhouse and Brigade wwd macy's buyout
The saga began in when an investor group led by real estate-focused Arkhouse Management and Brigade Capital Management launched an unsolicited $5.8 billion ($21 per share) bid to take Macy’s private. Analysts noted that the group was particularly interested in Macy's massive real estate portfolio, estimated at up to $11.6 billion , including the iconic Herald Square flagship. Escalation and Proxy Warfare Arkhouse responded by launching a proxy battle to
In January 2024, Macy’s rejected the offer, citing "lack of compelling value" and concerns over the certainty of the group's financing. Analysts noted that the group was particularly interested
The story of the attempt, as chronicled by WWD (Women's Wear Daily) , is a high-stakes corporate drama that pitted activist investors against a legacy retailer fighting to reclaim its relevance. The Opening Gambit