Arkhouse Management and Brigade Capital Management are upping their offer to acquire Macy’s in a deal now valued at $6.6 billion.
The investment firms announced Sunday that they had submitted an all-cash proposal of $24 for each of the remaining shares in Macy’s they don’t already own — up from an earlier offer of $21 per share.
Macy’s rejected the previous deal, which was valued at $5.8 billion, in January. At the time, the retailer said that its board reviewed the investment firms’ proposal and not only had concerns about the financing plan, but also felt there was a “lack of compelling value.”
In a joint-statement Sunday, Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said that they “remain frustrated by the delay tactics” from Macy’s board and its “continued refusal to engage” — but were still committed to completing the transaction.
Macy’s stock jumped in Monday trading, adding 13.5% to close at $20.45.
Over-the-counter birth control pill starts shipping
The first over-the-counter birth control pill will be available in U.S. stores later this month, allowing American women and teens to purchase contraceptive medication as easily as they buy aspirin.
Manufacturer Perrigo said Monday it has begun shipping the medication, Opill, to major retailers and pharmacies. A one-month supply will cost about $20 and a three-month supply will cost around $50, according to the company’s suggested retail price. It will also be sold online.
The launch has been closely watched since last July, when the Food and Drug Administration said the once-a-day Opill could be sold without a prescription. Ireland-based Perrigo noted there will be no age restrictions on sales, similar to other over-the-counter medications.
