Macy’s is allowing investment firms Arkhouse and Brigade Capital Management to examine its books, increasing the chance of a possible acquisition, according to a report from Reuters.
The department store turned down the investment firms’ initial offer in January of $21 a share—but grew more receptive when they upped their bid to $24 earlier this month. The two would-be buyers have hinted they’re open to boosting the price further. At press time, Macy’s stock was trading at $21.15 a share.
Now that Arkhouse and Bridgade have been allowed to progress to the due diligence phase, they may have greater access to financing, though there’s still no guarantee the negotiations will lead to a deal, sources told the news service.
Last month, Macy’s announced that it would close 150 locations, about 30 percent of its current store lineup.
(Photo courtesy of Macy’s)
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