Activist investors, including Arkhouse and Brigade, have significantly raised their bid for Macy's ($M), with an all-cash proposal now standing at $24 per share, up from an earlier offer of $21 per share. This move comes after skepticism around the ability of the investment firms to finance their initial bid. The revised bid, which values the buyout at $6.6 billion, has been submitted for all remaining shares in Macy's not already owned by the investors. The situation has led to Macy's stock rising, as the market reacts to the potential of a successful takeover. Analysts suggest that Macy's should consider cooperating with the investment group to avoid the risk of a hostile takeover. The increased bid follows reports by laurenthomas for the @WSJ that the investors had indicated a willingness to raise their offer after reviewing Macy's financials, despite no clear signs from Macy's quarterly results that would significantly deter the bid.
"We Remain Frustrated": Investors Raise Buyout Bid For Macy's After Board's "Delay Tactics" https://t.co/Usj3rLUcbq
Today in Bloomberg Deals: A record-breaking run in sports M&A, JetBlue-Spirit is grounded permanently and Arkhouse and Brigade up their Macy’s bid https://t.co/6isuTVrlyI
"Macy's should cooperate with the investment group and pursue a possible sale. If it refuses to do so, it runs the risk of a hostile takeover." https://t.co/qirpV28ctU
Macy's 'is melting away': Activist investor brings $6.6 billion bid to buyout battle https://t.co/jsHKMJCTgM by @BrookeDiPalma
Macy's bid is now real
The investment firms announced that they had submitted an all-cash proposal of $24 for each of the remaining shares in Macy's they don't already own - up from an earlier offer of $21 per share. https://t.co/45ck5Gnzzs
$M screaming on the upped takeover bid story @laurenthomas scooped for the @WSJ yesterday. Originally Arkhouse said they'd likely bid more once they'd seen the books. I don't think Arkhouse saw anything in Macy's Q suggesting much of a defense https://t.co/tE4FfVFnFa
Ironic considering Macy's didn't think the firm could pull off a $21 bid, let alone a $24 bid. Strange situation! $M https://t.co/OCFjFG0Sbx
Activist Investors Raise Bid for Macy’s $M https://t.co/gSFuhGSV56
Macy’s. \….bid bumped to$24 from$21 ..