Macy’s Inc. M has reportedly decided to disclose its financial records to Arkhouse and Brigade Capital, marking a potential breakthrough in their $6.6 billion privatization bid for the U.S. department store operator.
The retailer, which previously rejected acquisition advances from Arkhouse and Brigade, has now agreed to a confidentiality agreement, according to a report from Reuters.
This agreement allows for the exchange of sensitive commercial information, the report noted.
Access to Macy’s information will help Arkhouse and Brigade clinch debt commitments to finance the deal.
Arkhouse and Brigade have recently raised their offer from $21 to $24 per share.
Macy’s is currently facing a board challenge from Arkhouse Management, which nominated nine director candidates last month in an effort to influence the former’s decisions.
The company’s fourth-quarter revenue declined 1.4% year-on-year to $8.12 billion, missing the consensus of $8.15 billion.
MAcy’s has also decided to close about 150 unproductive locations through 2026.
Price Action: M shares closed higher by 1.41% at $21.54 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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