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.
Global Mining Groups Face Setback in London
Lotus Technology Merger Announcement
Our Latest News
Positive Results from Phase 1b Trial of VYN201 in Vitiligo Patients
VYNE Therapeutics announces positive results from a Phase 1b trial of VYN201 in vitiligo patients, highlighting its potential in addressing skin depigmentation...
Videogame Stocks Outperform Market as Actors Vote to Expand Strike
Videogame stocks outperform market as actors vote to expand strike, affecting key companies and highlighting industry importance.
Nvidia Stock Rises Amid Global Chip Rally
Nvidia's stock rises alongside chip suppliers TSMC, Samsung, SK Hynix, while U.S. chip makers and Dell report strong earnings impact.