After months of negotiation, Macy’s (M) on Monday said it had ended talks with would-be buyers Arkhouse Management and Brigade Capital Management.

The announcement comes after the 澳洲幸运5官方开奖结果体彩网:activist investors recently upped their offer 澳洲幸运5官方开奖结果体彩网:by about $300 million to $6.9 billion.

The two companies initially presented Macy’s with a $21-per-share deal to take the retailer private in December, which the board rejected. That led Arkhouse and Brigade to 澳洲幸运5官方开奖结果体彩网:launch a proxy fight that ended when Macy’s approved two board members backed by the investors, afte⛄r Arkhouse and Brigade came back in March with a 🌳$24-per-share bid.

Macy's Deems Latest Offer 'Not Compelling'

Arkhouse’s latest offer went as high as $24.80, a 38.3% premium over Macy’s closi🐠ng price at the time, but the biggest U.S. department store chain dismissed it as “not compelling.”

“Rather than delivering a definitive, fully financed and actionable proposal, Arkhouse and Brigade submitted a response they characterized as a ‘check in’ letter expressing an interest in acquiring all of the outstanding shares of the company for $24.80 per share in cash, which is within a range the board had previously communicated to Arkhouse and Brigade was not compelling,” Macy's said.

Shares of Macy’s plunged more than 13% to $16.55 as of 11:15 a.m. ET Monday.