Arkhouse and Brigade Raise Their Macy’s Buyout Offer to $6.6 Billion

Arkhouse Management, a real-estate-focused investing firm said on Sunday it and Brigade Capital Management have raised their offer for Macy’s after the department store chain rebuffed their prior proposal as too low.

The firms are now offering to acquire Macy’s stock they don’t already own for $24 per share, about 14% more than its previous offer of $21 per share. Macy’s shares were up almost 15% in premarket trading on Monday.

The new offer for the company represents a premium of about 33% to its last close on Friday at $18.01 and values the company at $6.6 billion.

Read the source article at Yahoo Finance