Macy’s rejected a takeover offer and is betting on itself
CNN
Macy’s management ended talks with private investors attempting to take over the company and will pursue its own turnaround strategy to remake the chain.
Macy’s management ended talks with private investors attempting to take over the company and will pursue its own turnaround strategy to remake the chain. Macy’s board of directors voted unanimously to end discussions with Arkhouse Management and Brigade Capital Management over the investors’ offers to acquire the chain. Macy’s said Monday it was unclear that the investors could finance a deal and it was not in shareholders’ best interest. The investors planned to take Macy’s private and consider spinning off its real estate assets or separating its online operations from brick-and-mortar stores. The investors have been trying to buy Macy’s since December. But Macy’s rejected a previous offer to buy the company at $21 a share in January. In March, the investors upped its offer to $24 a share, and Macy’s agreed to enter into talks about the bid. Now, it’s calling off talks. Macy’s will instead stick with its own strategy, led by new CEO Tony Spring, which includes closing underperforming Macy’s stores and investing in its luxury Bloomingdale’s and Bluemercury chains. Investor groups such as private equity funds and hedge funds have been active in recent decades in buying struggling or under-performing retailers, with the stated goal of taking them private, improving their operations and selling them for a profit. But the results have often led to closures, not salvation, for companies such as Sears and Toys “R” Us.
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