Macy’s Rejects Takeover Bid

(AP) – Macy’s rejected a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan. Arkhouse and Brigade offered $21 per share for the stock they don’t already own. The department store chain also said there was a lack of compelling value in the non-binding proposal. The move comes a week after Macy’s announced job cuts and store closures.