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Macy's inks confidentiality deal with activists

Mar 19, 2024
A Macy's sign viewed through a heart-shaped arch.

Photo: Michael M. Santiago/Getty Images

Macy's signed a confidentiality agreement with Arkhouse Management and Brigade Capital Management, a spokesperson for the retailer confirmed to Axios.

Why it matters: The two firms can now begin due diligence on the iconic department store.

Zoom in: Reuters reported earlier today that Macy's would open its books to the two bidders.

  • The move comes after Arkhouse and Brigade increased its offer to $24 per share.
  • The two firms had conditioned committed debt financing, being more transparent about the specifics of the deal and further sweetening its offer to further due diligence.

Arkhouse declined to comment and Brigade did not respond to a request for comment.

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