Macy's: confirms offer from Brigade and Arkhouse

(CercleFinance.com) - Macy's has confirmed that it has received an unsolicited, non-binding proposal from Arkhouse Management and Brigade Capital Management to acquire all of the Company's outstanding shares for $21.
00 per share in cash.

Macy's Board of Directors has determined that the proposal does not provide a basis for entering into a non-binding agreement.

The Macy's Board of Directors conducted a careful review of the proposal in consultation with its independent legal, financial and real estate advisors.

Arkhouse and Brigade provided certain additional requested information regarding their financing plan, which the Board reviewed with the assistance of the Board's advisors, but this additional information did not address the Board's concerns regarding Arkhouse and Brigade's ability to finance their proposed transaction.

' After careful review and efforts to gather additional information from Arkhouse and Brigade, the Board has determined that Arkhouse and Brigade's proposal is not responsive and fails to provide compelling value to Macy's shareholders,' said Jeff Gennette, president and CEO. of Macy's.

''We remain open to opportunities that are in the best interest of the company and all our shareholders. '

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