Macy’s Inc. (NYSE: M) has been in the spotlight recently as it considers a $6.6 billion privatization bid from Arkhouse and Brigade Capital. The department store operator has reportedly agreed to disclose its financial records to the potential buyers, marking a significant development in the ongoing acquisition talks.
According to a report from Reuters, Macy’s has signed a confidentiality agreement with Arkhouse and Brigade, allowing for the exchange of sensitive commercial information. This move is seen as a step towards finalizing the deal and securing debt commitments to finance the acquisition.
Arkhouse and Brigade recently raised their offer from $21 to $24 per share, indicating their strong interest in acquiring Macy’s. The department store chain is currently facing a board challenge from Arkhouse Management, which has nominated nine director candidates in an effort to influence the company’s decisions.
Despite the acquisition talks, Macy’s reported a decline in fourth-quarter revenue, missing analyst expectations. The company also announced plans to close approximately 150 unproductive locations by 2026 as part of a bold new strategy to reposition the business.
In light of these developments, Macy’s stock closed higher by 1.41% at $21.54 on Tuesday. Investors will be closely watching for further updates on the potential privatization bid and the company’s restructuring efforts.
It remains to be seen how the acquisition talks will progress and whether Macy’s will ultimately be taken private by Arkhouse and Brigade. The disclosure of financial records is a significant step in the process and could pave the way for a successful deal in the near future.
