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Macy's announced on January 21st that its board of directors has decided that the non binding offer of $21 per share from real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management is not feasible.
Arkhouse Management confirmed earlier that the company and its partner Brigade Capital Management proposed a $5.8 billion privatization plan on December 1 last year, seeking to acquire the remaining shares of Macy's Department Store.
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