Shares of Macy's (M) sank in early trading on Monday after announcing it had ended buyout talks with Arkhouse Management and Brigade Capital Management. In a...
) sank in early trading on Monday after announcing it had ended buyout talks with Arkhouse Management and Brigade Capital Management . InYou're looking at shares of M this morning, Macy 's shares are plunging after announcing its board has unanimously decided to end talks with a House and Brigade who had been looking to take the retailer private for about $6.9 billion.
Obviously Wall Street, not having a lot of faith in their ability to have that turnaround plan in their own hands moving forward here.Also, the company mentioning in a statement on Monday that their financing commitment letters accompanying their revised offer were insufficient to give the board confidence to move forward with this potential deal.We were looking at 2480 a share that was up from 24 which was the number that Macy's had previously said was not compelling.
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