Macy’s Rejects $5.8B Takeover Bid

Macy’s Rejects , $5.8B Takeover Bid.

Last week, Macy's announced that it was laying off over 2,000 employees and closing five stores.

After news of the development surfaced, 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.

Macy's has reportedly shot down the offer due to an unfeasible financing plan and "lack of compelling value.".

Following careful consideration and efforts to gather additional information from Arkhouse and Brigade, , Jeff Gennette, outgoing chairman and CEO of Macy’s, via statement.

... the board determined that Arkhouse and Brigade’s proposal is not actionable and that it fails to provide compelling value to Macy’s Inc.

Shareholders, Jeff Gennette, outgoing chairman and CEO of Macy’s, via statement.

We continue to be open to opportunities that are in the best interests of the company and all of our shareholders, Jeff Gennette, outgoing chairman and CEO of Macy’s, via statement.

Macy's will have a new president and CEO, Tony Spring, next month, ABC News reports.

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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.

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Macy's shares rose almost 4% in morning trading on Jan.

22, ABC News reports.