Investors consortium raises bid to acquire Macy's (M.US) to $6.6 billion dollars.
According to reports, after Macy's rejected the previous acquisition proposal citing a low bid, an investor consortium raised their acquisition offer by around $1 billion.
According to reports, after Macy's (M.US) rejected a previous acquisition proposal citing a low bid, an investor group has increased their acquisition offer by approximately 1 billion US dollars.
Sources familiar with the matter say that Arkhouse Management and Brigade Capital Management are now proposing to acquire Macy's shares they do not currently own at a price of $24 per share (6.6 billion US dollars).
Last December, the consortium had made an offer of $21 per share. The new offer is 33% higher than Macy's closing price last Friday.
As of last Friday, Macy's stock price has fallen by about 10% year-to-date.
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