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Arkhouse Management has named nine people to Macy’s board of directors, sparking a proxy battle after the department store owner rejected a $5.8 billion takeover offer. acquisition proposal From the Investment Company and Brigade Capital Management.
Arkhouse and Brigade were offering $21 for each remaining Macy’s share they didn’t already own. Macy’s said at the time that its board reviewed the investment firm’s proposal and found it “lacking compelling value,” as well as having concerns about its financial plans.
Macy’s announced Tuesday that it was seeking additional financing information from Arkhouse and Brigade to further discussions with its board of directors. But instead of attempting to provide additional information, Macy’s said Arkhouse sent a letter earlier this month asking for a 10-day extension to the director nomination period.
Macy’s said in a statement: “Despite multiple opportunities to do so, Ark House and Brigade have not yet provided financing details that would make the proposal more viable. Ark House is looking forward to constructive dialogue. “Instead of attempting to do so, it has chosen to launch a proxy contest.”
Ark House did not immediately respond to an email seeking comment.
Macy’s said its nominating and corporate governance committee will evaluate Ark House’s director candidates. The New York company currently has 14 directors.
The date for Macy’s annual meeting has not yet been determined.
Macy’s recently announced: dismiss Approximately 3.5% of the total number of employees, or approximately 2,350 people. The company also announced the closure of five stores.
The company’s stock price fell slightly before the market opened.
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