Arkhouse and Brigade Raise Offer for Macy's to $6.6 Billion After Previous Bid Rejected
• Arkhouse and Brigade upped their offer to acquire Macy's to $6.6 billion, from previous $5.8 billion offer that was rejected • The new all-cash offer is $24 per share, increased from previous $21 per share • Macy's board previously expressed concerns about financing plan and lack of compelling value • Arkhouse and Brigade said they tried addressing concerns and were open to increasing offer with due diligence • Macy's plans to close 150 stores over next 3 years, upgrade remaining 350 stores, as part of restructuring efforts