Macy's Board rejects $21/share unsolicited buyout proposal from Arkhouse and Brigade, cites lack of financing evidence

Macy's, Inc.

Board reviewed unsolicited non-binding proposal received Dec 1, 2023 for $21.00 per share cash.
Proposal deemed not actionable due to lack of viable financing plan and compelling value.
Arkhouse and Brigade failed to provide committed financing; equity contribution only 25% with excessive leverage.
Board remains open to other value-creating opportunities and will continue to act in best interests of shareholders.

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