Macy's is scrapping discussions with Arkhouse Management and Brigade Capital Management after months of negotiations.
Originally, in December, the two investment firms submitted a $5.8 billion offer to buy out the retailer, which equaled $21 per share. At the time, that represented a 32 percent premium from the previous day's closing price.
In March, Macy's agreed to enter talks about a new proposal when Arkhouse and Brigade upped their bid to $24 per share. The two potential buyers even went up to $24.80 per share afterward but Macy's was still not impressed.
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