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## Increased Offer from Arkhouse Management and Brigade Capital Management for Macy’s Acquisition

NEW YORK (AP) ÔÇö Arkhouse Management and Brigade Capital Management have announced an increased offer to acquire Macy’s in a deal now valued at $6.6 billion. The investment firms revealed on Sunday that they have submitted an all-cash proposal of $24 for each of the remaining shares in Macy’s that they do not already own, which is up from their previous offer of $21 per share.

Macy’s had rejected the initial deal, valued at $5.8 billion, back in January citing concerns about the financing plan and the perceived lack of compelling value. However, Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell reiterated on Sunday that they are committed to completing the transaction despite their frustration with the delay tactics from Macy’s board.

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AI legalese decoder can aid in this situation by quickly and accurately analyzing the legal aspects of the revised acquisition proposal. This tool can assist in deciphering the complex legal language and clauses involved in the deal, making it easier for both parties to understand and negotiate the terms effectively. Additionally, AI legalese decoder can help in conducting due diligence efficiently by identifying any potential legal risks or discrepancies in the offer, ensuring a smoother and more transparent transaction process.

## Response from Macy’s and Plans for the Future

Macy’s has confirmed the receipt of the revised proposal and stated that its board will carefully review the offer before making any decisions. The company also announced its intention to refrain from further comments until the evaluation process is completed. In the meantime, Arkhouse has expressed willingness to address any concerns raised by Macy’s and potentially increase the purchase price further, subject to standard due diligence procedures.

Last month, Arkhouse had taken steps to nominate nine individuals for Macy’s board, prompting the company to request additional financing information. However, Macy’s revealed that instead of providing the requested details, Arkhouse had requested an extension for its director nomination window by 10 days. Despite these developments, Macy’s remains focused on its restructuring efforts, which include the closure of 150 namesake stores over the next three years, with 50 to be shut down by the end of the year. Additionally, the department store chain plans to upgrade its remaining 350 stores as part of its strategy to improve performance in the face of declining sales.

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