Macy’s terminates discussions with Arkhouse and Brigade

(Reuters) -Macy’s said on Monday it has terminated discussions with Arkhouse Management and Brigade Capital, citing that the revised proposal to buy the department store chain lacks certainty of financing and does not provide compelling value.

Shares of Macy’s (NYSE:) were down 11% in premarket trading.

The investor group had offered to buy Macy’s stock it does not already own for $24.80 apiece, up from $24 per share offered in March.

The new offer price was nearly a 43% premium to the stock’s close on Dec. 8, when the news of the offer first emerged. The company had a market capitalization of $4.77 billion, as of Dec. 8.