Macy’s has rejected a $5.8bn offer to take the US department store chain private.
The board said the approach from existing shareholders Arkhouse and Brigade “lacks compelling value”.
The $21 per share offer for the group, which is also the parent of Bloomingdale’s, is a 15.7% premium to its closing price in New York. The shares, which have dropped by 26% in the past five years, closed up 63 cents, or 3.6%, at $18.26.
