Macy’s rejects $5.8 billion takeover bid

Please subscribe to IBJ to decode this article.

nteyi tmbdr M fnavihicMaorpnsoeakes cesnia tferneidh, Mmr maaitri dgaayClnibovatci8iBaydg annamae tgeregtts l pefeos an$eAinegd mvp.uor5nal.oi tjfg fien' ns alnvkernl' ie

ltod hft .rh da e e2asufo rr$ 'w d neynfaioo1eaa ohdgtAeerr nordekerypBct eshsk

easslV5nwo–.un ahif a.k,pah ipgll ' no iTssreiatddtin tavaaFtantau hap3n H co,glae c tie n, afeatnod edetirm cdyrsio n a.ew wsrt htLtiaul ioalpydtscot omInao .leeat g o5 lsnxlbop0 ieoa3oeiiw,n2Mesoi t a foc nCao%ae itfo rcte infmya hr donri tyaerwico asrtianos

tiw els lcuvaeae“lpinsilfsdto n nr,tiidp alosteacn cnnodrM t gvtmbopalcea c o aagsuenpfotho aetat aosah lnr h yiokn.ari i ewbarucltlhafnd eetybe '”dt hos

haom heohpnoomaea nllhsoatpvaa t corrcdgItnrhorfrdf s cn ntntinla so edfEesaundniiee e eecadene rwnivr,f aM oso aacdoarleim ”’yhe.l tteinsss giMan ndt oorehee e elstntlltehye astGeWeoa nCtekes itliaonhgOn.eton uooobiid itfnpltrgeo ome,teegp dide f rJs t.rdrl ntt"ospen sbd tosrt“ dadhkd’, oahsrc,f ts lr onrcnBaF nnnuortto s ”aaAstBuufcetpona’tmo lamtlici bai eot f bre ainciaay dd u rahhoariuptAaiipirfogo a otdnetuhroamstiief gi aoa

tm'ticd ro vOpe EdraSetisna noy.prnge easne koaCfs hyMT ntxsno

enaia'm tcgrtMa t'f.mtuesdyecas eaae ng en ordoeolsiwhrlStbGnn t n sDad,aidodaaN i eoa ao tleoall ,maimsgm taet niadnn

,A s tuwe oitsofaedlse c.-etseboe r”mnani- rphi nkie rueiloreha nca ernl d s et ayd lwatoig”woeisetoad vgue e-usehtucrnet rflknlsapoutuiteae bena aenrnso iraehyasveyolmn a frtli p u evehtwthygdgistn“nahzolge h dresicro T b lornesnsg oo ghr .t sateds “riSefspaMat rks–rnd tpeceptrohzi ,teo

indtcta cha Sm, ftldfo ahso dBnveugeoa enl rgt c'ut t sietsrfseesltnl yyaathnflev eaddysnata aMdundar huidsidaunsaa gr iel.eiosr

nde nmonmonmmih cr ba seoo oolcsmnrdd s hoaai lsvushn eeo a’i es ceb’th dastsotgaraaedmeo,ve manng ”prkaamoitteelieloha kept rg wo o ewxenycnucofet fted or eiestnohlns ao ddecfuanuscslo, sfee hce tasipnrsrdet das,.i nsyi seiatdno.pt nabn nrlre“nuaw hteuiut Ueb eh a teshw e S ch ohiMwrtenorrdese aj tlrlnre sdTaew

vih'er eeao nso mm-e eam ernneoTp do tr eeseraceatsl.itsnadyheceltas r tsdep sao splosaci w rosmerrnsnupaayentu Mdrrdc

fe dneslJr-houi maenasf lvrBdhrep myngkcrtpic isp ee rt yibeco1 areest1 neprnfm msucen o ew.nan b smit drCtei tsas tna g tosatvetp,lraemarlothad naetaeyroo etmdi aiths ueMerntlda.h,chTctiai meumo obah l,ef rhmef s ee mhe teoagitnsot sn eAala nnie asntioppgyrsi ianbifvie iuyf nttfr noNsineen opiiet Cn o tsgot sgsel ntkreoeegt es rdtshpr uensp sh rfe omohnree cesas gr eh daau elldohinyee vogredfteho.grh eonsdiepeh s mdjecdsuyogoeleeotvpi pa,uuopcedtdsntaiopet iewr.renrr wsi daebiho ,pB unszhe.md,sddlifctsbdePesrhr oneoia tucnhanist monnnnnriie n

ssOy hahhe elnc’ lio rrMreies oehierr a2ms d e, uriste le2tnti vebathraben,rufthwbkpCoTsca.uor elgeytoesrK ts i smltr.w nim ’ d0soes tvt hr idtniceb de 2uener os nasmeb ius c ogc oinrioosnv ot3onlsig sodaIfoeebFnhK2 e ddddatndly seas1a slci aneh t tiaaueeehnrbenesKdunil sals tmracfar f aMW,rnjae,missuirahs,pssh iarnceean se ohia pvro epAashrcd aeE n undpaint n .ha t smbcdttlctc Fcg uthKir,oahsgoi p’an0olKni

d 3 no 'l l msr sst ,ltnmgiusi taaetec.o ciu o xeoooue.oe cptot oo2nan2ireliflfoeyo stt engg p sed onnei 0i hc mont0lnroafakooeetngto-hp rlotnon ca earhsrpe mcx tihaoe4ahsraiii nan v athT fraeenoc mco c lObusIhfau papna hssste ggloftoaoo i e s fu donhrunts 2tsbnsehi aiotfrp 2n lrltenwekdrbmvebst -esg0 aorbrxonefsntr sntu lg ne4 r souaoiucimlt l5.tnl emdycenantrs iesamll tsbMcsasoatrh t,2

hne4o. ng$,yse,faI osr N s '8amsiro .n6MsYea,cb n3ior.n tn C,irgt eeolr y cS didri%k nya1to, 6anet1cr w