WASHINGTON (dpa-AFX) - Arkhouse Management Co. LP and Brigade Capital
Management have raised their
offer for Macy's (M) after the department-store chain rejected their prior
proposal as too low.

The Investor group have offered to acquire Macy's for $24.00 per share in cash
compared to their previous offer of $21.00 per share.

The revised offer represents an increase of 14.3% from Arkhouse and Brigade's
previous offer of $21.00 per share that was submitted to the company on December
1, 2023. The revised offer represents a 33.3% premium to where the company's
shares closed on March 1,2024.

Arkhouse and Brigade also said they remain open to increasing the purchase price
further subject to the customary due diligence.

In a separate press release, Macy's confirmed that it has received a revised,
unsolicited, non-binding proposal from Arkhouse Management Co. and Brigade
Capital Management, LP to acquire all of the outstanding shares of the company
for $24.00 per share in cash.

Macy's said its board will carefully review and evaluate the latest proposal
consistent with the Board's fiduciary duties and in consultation with its
financial and legal advisors. Macy's shareholders do not need to take any action
at this time.

Meanwhile, Arkhouse and Brigade have disclosed additional information about
their financing, including identifying Fortress Investment Group LLC and One
Investment Management US as equity capital partners for the proposed
transaction.

Gavriel Kahane and Jonathon Blackwell, Arkhouse Managing Partners, said, 'We
remain frustrated by the delay tactics adopted by Macy's Board of Directors (the
'Board') and its continued refusal to engage with our credible buyer group.
Nonetheless, we are steadfast in our commitment to execute this
transaction.....'



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