Investment company Arkhouse Management confirmed in a statement on Sunday that the company and its partner Brigade Capital Management made a proposal to acquire the established US retail giant Macy's at a price of US$21 per share on December 1.
It was reported last month that an investment group composed of Arkhouse and Brigade offered to acquire Macy's and take it private for $5.8 billion. The group already holds a large stake in Macy's through funds managed by Arkhouse.
Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said on Sunday: "We are very motivated to complete the acquisition of Macy's and are prepared to take all necessary steps, including direct engagement with shareholders, to achieve this goal."
Arkhouse said it could significantly increase its original offer if it was allowed to conduct the necessary due diligence. The group has proposed signing a mutual confidentiality agreement to provide more details about its financing and strategy and has asked Macy's to respond this week.