Macy’s Rejects , $5.8B Takeover Bid.<br />Last week, Macy's announced that it was laying off over 2,000 employees and closing five stores.<br />After news of the development surfaced, <br />Arkhouse and Brigade offered Macy's $21 per share ($5.8 billion) to purchase stock it doesn't already own and take over the company, ABC News reports.<br />Macy's has reportedly shot down the <br />offer due to an unfeasible financing <br />plan and "lack of compelling value.".<br />Following careful consideration and <br />efforts to gather additional information <br />from Arkhouse and Brigade, , Jeff Gennette, outgoing chairman <br />and CEO of Macy’s, via statement.<br />... the board determined that Arkhouse <br />and Brigade’s proposal is not actionable <br />and that it fails to provide compelling <br />value to Macy’s Inc. shareholders, Jeff Gennette, outgoing chairman <br />and CEO of Macy’s, via statement.<br />We continue to be open <br />to opportunities that are in <br />the best interests of the company <br />and all of our shareholders, Jeff Gennette, outgoing chairman <br />and CEO of Macy’s, via statement.<br />Macy's will have a new president and CEO, Tony Spring, next month, ABC News reports. .<br />It remains to be seen whether Spring will be able to shore up sales, a feat many retailers are attempting to accomplish in the wake of the pandemic. .<br />Macy's shares rose almost 4% in morning trading on Jan. 22, ABC News reports.
