From CNBC:

Arkhouse has secured $5.8 billion in financing to take Macy’s private, but the retailer’s lack of cooperation on due diligence is causing roadblocks. Arkhouse has stated it will take all necessary steps to acquire Macy’s, including going directly to shareholders. Investment bank Jefferies is highly confident in Arkhouse’s ability to raise the necessary capital. Macy’s board has rejected Arkhouse’s bid, stating concerns about its financing and refusing to enter into a non-disclosure agreement. CEO and chair Jeff Gennette believes the exercise would unnecessarily distract the management team.



Read more: Arkhouse Macy’s take-private financing is in place, Kahane says