Macy’s has rejected a $5.8 billion proposal from Arkhouse Management and Brigade Capital Management to take the company private. The department store operator cited concerns over deal financing and valuation as the reasons for the rejection. The investor group had offered to acquire the shares of Macy’s for $21 a share. However, Macy’s deemed the proposal lacking in compelling value and expressed concerns about the financing and preconditions. The bid by Arkhouse and Brigade Capital Management highlighted the potential value of Macy’s real estate holdings, which analysts estimate to be worth between $7.5 billion and $11.6 billion. Macy’s recently announced job cuts and store closures as part of its efforts to streamline operations.
