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The two sides took an important step towards allowing a potential deal to proceed, but a Macy's proxy fight will continue regardless
Some stocks just aren't worth owning. This is especially true when the company has fallen on hard times, lost its competitive edge, and is trying to turnaround its business.
Arkhouse Management and Brigade Capital Management sent a bigger buyout offer to Macy's over the weekend — to the tune of $24 per share they don't own. Their prior one was $21.
Two investor groups are upping the ante on their bid to buy Macy's after prior rejection.
CNBC's Leslie Picker with Gavriel Kahane, Arkhouse managing partner, joins 'Power Lunch' to discuss Arkhouses's bid to buy Macy's.
Oliver Chen, TD Cowen senior retail analyst, joins 'Power Lunch' to discuss the company downgrading Macy's.
Macy's shares jumped 16% before the bell on Monday after investors Arkhouse Management and Brigade Capital sweetened their take-private bid over the weekend, valuing the U.S. department store operator at $6.58 billion.
Macy's (M) activist investor groups Arkhouse Management and Brigade Capital Management raised their buyout bid on the retailer to $6.6 billion. Macy's rejected a previous bid valued at $5.5 billion in January.
Late this Sunday night Arkhouse and Brigade Capital raised their offer to acquire Macy's to $24.00 per share, up from their previous offer of $21.00 per share.