Macy's, Inc. 

Legacy department store Macy’s (M) remains in focus Monday morning after the retailer said that it has turned down a $5.8 billion takeover offer by Arkhouse Managem🎐ent and partner Brigade Capital Management due to financing ꦐand valuation concerns.

Macy’s rejection of the bid follows the investment duo confirming Sunday they had made a proposal on Dec. 1 last year to take Macy’s private by purchasing the retailer’s outstanding stock for $21 per share. They had threatened to take the matter to shareholders if di🐈scussions surrounding the transaction didnꦆ’t resume this week.

"Following careful consideration and efforts to gather additional information from Arkhouse and Brigade, 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," Macy's CEO Jeff Gennette said in a statement. "We continue to be open to opportunities that are in the best interests of the company and all of our shareholders." he added.

In addition to valuation concerns, Macy's said that the company's board had "concerns regarding Arkhouse and Brigade’s ability to finance their proposed transaction."

People familiar with the discussions told Reuters that Macy’s was not actively seeking potential suitors and had not received any unsolicited bids that meet the retailer’s expectations. Last week, the retailer said it plans to 澳洲幸运5官方开奖结果体彩网:slash 2,350 jobs and shutter five stores in an effort to reduce costs.

Marcy shares snapped their 2023 澳洲幸运5官方开奖结果体彩网:downtrend in mid-November and continued to trend higher until early last month However, the stock has retreated recently and could come under further pressure today after the retailer's bid rejection. If further selling takes place, keep an eye on key levels of a 澳洲幸运5官方开奖结果体彩网:Fibonacci grid connecting the October low and December high for potential support areas. The 38.2% Fib level closely aligns with the 澳洲幸运5官方开奖结果体彩网:50-day moving average, while the closely-watched 50% level roughly lines up with a multi-month horizontal trendline. It's also worth monitoring last month's 澳洲幸运5官方开奖结果体彩网:swing high as potential area of future resistance.

Macy’s stoc🤪k has gained more than 60% over the past two months but i𒊎s down 11% since the start of the year. The stock was up 4,1% at $18.36 in thin premarket trading at around 7:45 a.m. ET.

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