Arkhouse Management and Brigade Capital Management have increased their bid to acquire Macy’s for approximately $6.9 billion, according to a Wall Street Journal report. The new offer proposes to buy Macy’s stock for $24.80 per share, up from the $24 per share offered in March. Shares of Macy’s rose 1.1% in after-market trading following the news.
Arkhouse, holding a 4.4% stake in Macy’s, previously raised the offer price from $21 to $24 per share. The current bid represents a nearly 43% premium to Macy’s closing price on December 8, when deal talks began.
In April, Macy’s added two Arkhouse nominees, Richard Clark and Richard Markee, to its board, ending a proxy contest. The board’s finance committee, including Clark and Markee, will evaluate the proposal. Macy’s and the involved parties have not yet commented on the matter.