The US retail group Macy’s Inc. officially confirmed on Sunday that it has had a takeover offer since December 1st. However, the board of directors spoke out against accepting the offer, according to a statement.
The investment firms Arkhouse Management Co. LP and Brigade Capital Management LP have submitted a proposal to purchase all of the retailer’s outstanding shares at a price of $21.00 (19.3 euros) each, Macy’s said, confirming media reports.
After examining the offer together with its financial advisors, the board of directors spoke out against moving forward with a possible takeover process, the company said. The reason given was that there were still doubts as to whether the prospective buyers would be able to finance their plans.
The offer is “not feasible” based on the information available and does not offer “compelling values” to Macy’s shareholders, said Jeff Gennette, the retailer’s chairman and CEO, in a statement. However, the group “remains open to opportunities that are in the best interests of the company and all of our shareholders,” explained Gennette.