Macy’s Settles Board Dispute, Faces Takeover
THE WHAT? Macy’s Inc. has appointed Richard Clark and Richard L. Markee as new independent directors, resolving a proxy fight with activist investor Arkhouse Management Co. This resolution ended the investor’s push for a significant overhaul involving nine new director nominees initially proposed for the upcoming shareholder meeting.
THE DETAILS Following the appointments, Arkhouse retracted its aggressive campaign to remake Macy’s board, which would have culminated in a substantial change at the May 17 shareholders’ meeting. By incorporating two of Arkhouse’s nominated directors, Macy’s has defused potential disruptions and tensions that could have arisen from the shareholder vote.
THE WHY? Despite the resolution on board appointments, the struggle for control over Macy’s continues, with Arkhouse and Brigade Capital Management still pursuing a takeover, now offering $24 per share, totaling $6.6 billion. This follows a previous unsuccessful bid valued at $5.8 billion, highlighting the ongoing financial battles and strategic disagreements between Macy’s and its activist investors.
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