Macy's terminates takeover talks with Arkhouse and Brigade citing lack of certainty over financing

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Macy’s Inc. said Monday it will no longer pursue merger talks with Arkhouse and Brigade, citing the lack of certain financing

NEW YORK — Macy's is terminating buyout talks with Arkhouse and Brigade, citing the lack of certainty over financing.

Takeover talks have been ongoing for months.

In March Arkhouse Management and Brigade Capital Management raised their offer to acquire Macy’s in a deal then valued at $6.6 billion, or $24 per share cash, up from a earlier offer of $21 per share.

And in April, Macy’s named two independent directors to its board that were pushed by activist investor Arkhouse, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.

Macy's said Monday it will focus on its own turnaround efforts. That previously unveiled plan includes closing 150 Macy's stores over the next three years and upgrading the remaining 350 stores.

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