Macy’s gets director nominations from Arkhouse Management By Reuters
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© Reuters. FILE PHOTO: A customer exits the Macy’s flagship department store in midtown Manhattan in New York City, U.S., December 11, 2023. REUTERS/Brendan McDermid/File Photo/File Photo
(Reuters) -Macy’s said on Tuesday that Arkhouse Management had nominated nine individuals to stand for election as directors to the department store’s board, following its rejection of a $5.8 billion bid from the investment firm.
The move kick-starts a proxy battle between the two parties after Macy’s (NYSE:) rebuffed a December take-private proposal for the company by the hedge fund and partner Brigade Capital Management, citing concerns over valuation and deal financing.
Macy’s said it had continued to discuss additional financing information with Arkhouse and Brigade Capital after rejecting the proposal to potentially advance discussions with the board.
“Arkhouse and Brigade have yet to provide any financing details … of their proposal despite multiple opportunities to do so, and instead … Arkhouse has chosen to launch a proxy contest,” Macy’s said in a statement.
The company, famous for its annual Thanksgiving Day parade, said it would evaluate Arkhouse’s director candidates.
Shares of the New York-based company were down nearly 1% in premarket trading.
Arkhouse and Brigade Capital did not immediately respond to Reuters requests for comment.
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© Reuters. FILE PHOTO: A customer exits the Macy’s flagship department store in midtown Manhattan in New York City, U.S., December 11, 2023. REUTERS/Brendan McDermid/File Photo/File Photo
(Reuters) -Macy’s said on Tuesday that Arkhouse Management had nominated nine individuals to stand for election as directors to the department store’s board, following its rejection of a $5.8 billion bid from the investment firm.
The move kick-starts a proxy battle between the two parties after Macy’s (NYSE:) rebuffed a December take-private proposal for the company by the hedge fund and partner Brigade Capital Management, citing concerns over valuation and deal financing.
Macy’s said it had continued to discuss additional financing information with Arkhouse and Brigade Capital after rejecting the proposal to potentially advance discussions with the board.
“Arkhouse and Brigade have yet to provide any financing details … of their proposal despite multiple opportunities to do so, and instead … Arkhouse has chosen to launch a proxy contest,” Macy’s said in a statement.
The company, famous for its annual Thanksgiving Day parade, said it would evaluate Arkhouse’s director candidates.
Shares of the New York-based company were down nearly 1% in premarket trading.
Arkhouse and Brigade Capital did not immediately respond to Reuters requests for comment.
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