Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Monday, January 22nd. It's great to be back with you. I'm Julie Morgan.

Macy says no thank you to a takeover offer.

Terraform Labs files for Chapter 11 bankruptcy, and Solar Edge is cutting 16% of its workforce.

Macy's has rejected a $21 a share takeover offer from

Ark House Management and Brigade Capital Management.

Before the official rejection from Macy's, the private equity firms

threatened to go directly to shareholders with their 5.8 billion dollar offer for the department store chain.

Archouse Managing Partners said in a statement on Sunday that they are highly motivated

to consummate an acquisition of Macy's and that they see potential for a meaningful increase

to their original proposal if they are granted access to the necessary due diligence.

Macy's responded saying that it has determined that the non-binding proposal does not

constitute a basis to enter into a non-disclosure agreement or provide any due

diligence information to Ark House and Brigade.

Macy's board said in a letter to Ark House and Brigade that it continues to have serious reservations

about the investment firm's ability to finance its non-binding proposal.

If you remember last week it was reported that Macy's is planning to cut 13% of its corporate staff

or about 2,300 positions and close five stores.

Terraform Labs, the company behind the failed cryptocurrency's Terra USDA,

and Luna has filed a voluntary petition for Chapter 11 bankruptcy in the US.

Terra USDA along with its sister token, Luna collapsed in 2022,

with both cryptos losing around $40 billion.

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