Macy’s is ending discussions with Arkhouse Management and Brigade Capital Management, saying a revised offer to take the department store private remained a dicey proposition.
“We have concluded that Arkhouse and Brigade’s proposal lacks certainty of financing and does not deliver compelling value,” Macy’s lead independent director Paul Varga said in a statement.
Arkhouse and Brigade did not immediately respond to requests for comment. The two investment firms in December offered to buy Macy’s for $5.8 billion before eventually raising its bid to $6.9 billion.
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