Macy’s Proxy Contest

Macy’s Faces Proxy Contest from Arkhouse Management

Macy’s is currently in the midst of a dispute with private-equity firm Arkhouse Management, which has recently nominated nine individuals to run for election at the company's upcoming annual meeting.

Unsolicited Proposal Rejected

Last year, Arkhouse and Brigade Capital made an unsolicited bid to purchase Macy’s for $21 per share in cash. However, this offer was declined just last month by the retailer.

Lack of Financing Details

Despite several opportunities to provide financing details to support their proposal, Arkhouse and Brigade have failed to do so. Macy’s expressed disappointment in the absence of actionable information from the firms and criticized Arkhouse for resorting to a proxy contest rather than engaging in constructive dialogue.

Next Steps

Macy’s announced that it will carefully review the Arkhouse nominees and share its recommendation in the proxy statement prior to the upcoming annual meeting. The specific date for this event is yet to be determined, but Macy’s is scheduled to release its fourth-quarter and full-year results on Feb. 27.

Market Reaction

Following these developments, Macy’s stock experienced a slight decline of 0.3%, settling at $19.40 during premarket trading on Tuesday.

For more information, stay tuned for updates on Macy’s ongoing situation.