Macy's Shares Drop After Ending $6.9B Buyout Talks
TL;DR
Macy's has ended buyout talks with Arkhouse Management and Brigade Capital due to concerns over financing and valuation, leading to a 15% drop in its shares. The investor group's revised offer of $24.80 per share valued Macy's at $6.86 billion. Macy's will now focus on its turnaround plan under new CEO Tony Spring, which includes job cuts and store closures.
- Macy's ends buyout talks on valuation worries, shares slump By Reuters Investing.com
- Macy's ends buyout talks with Arkhouse and Brigade after months of negotiations CNBC
- Macy's shares slide as retailer ends buyout talks with Arkhouse, Brigade Fox Business
- Macy's ends talks with investment firms that bid $6.9 billion for ailing retailer CBS News
- Macy’s Terminates Buyout Talks With Investor Group The Wall Street Journal
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