Move follows months of discussions (Il Sole 24 Ore Radiocor) - New York, 15 Jul - Macy's said its board had unanimously determined to terminate discussions with activist investors Arkhouse and Brigade that had been trying to take the department store retailer private.

In a statement the company said the investor funds' revised proposal lacked certainty of financing, remained non-actionable and did not provide compelling value.

"The board fully supports A Bold New Chapter strategy, and we believe it provides the best opportunity for value creation,' said Paul Varga, lead independent director of Macy's.

The investors have made a series of offers for outstanding Macy's shares. The latest proposed bid was for 24.80 dollars per share.

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(RADIOCOR) 15-07-24 15:08:06 (0427) 5 NNNN