![Certainly not done with pursuit of Macy's acquisition, says Arkhouse's Kahane](https://image.cnbcfm.com/api/v1/image/107364536-17062013631706201361-33051420276-1080pnbcnews.jpg?v=1706201363&w=750&h=422&vtcrop=y)
Arkhouse has the financing in place to take Macy’s private at a bid of $5.8 billion, managing partner Gavriel Kahane told CNBC Thursday, however the activist investor has run into roadblocks without the department store retailer’s cooperation on due diligence.
“At this stage, based on public information, there’s not a bank in the world that will offer you committed financing, and that is just par for the course,” Kahane said on CNBC’s “Money Movers.” He added that management’s response in the approaching days and weeks would determine how Arkhouse moved forward.
Arkhouse has previously said it could take “all needed steps” to amass Macy’s, including going on to shareholders.
Kahane’s Arkhouse and Brigade Capital submitted an unsolicited bid to Macy’s management in December to take the corporate private at $21 a share, a premium of greater than 32%. Investment bank Jefferies has provided a highly confident letter, Arkhouse has previously said, meaning the bank believes the 2 firms will have the option to boost the capital needed to shut the deal.
Arkhouse also said it could raise its bid above the unique $21-per-share offer, but provided that the Macy’s management was willing to sign a mutual non-disclosure agreement and permit diligence to start.
Macy’s board rejected that supply on Sunday, saying in part that it believes it is “highly unlikely” Arkhouse and Brigade’s proposed financing “might be successfully executed.” It also refused to enter right into a non-disclosure agreement or permit diligence to maneuver forward, with CEO and chair Jeff Gennette saying in a letter to Arkhouse and Brigade that “such an exercise would unnecessarily distract our management team.”