On December 23, 2021, the Macy’s flagship store in Herald Square, New York.
Scott Mill | CNBC
department store macy’s department store The company said Wednesday it has resolved its proxy fight with an activist group led by Arkhouse Management and will add two new directors to its 15-person board.
The restructuring brings Macy’s one step closer to a deal to take the 165-year-old department store private.
Former Brookfield executives Ric Clark and Rick Markee will join Macy’s board of directors immediately. Markee is also a board member of the discount retailer Five or less. Clark and Markey are both Ackerhouse nominees.
“The board remains open to the best ways to create shareholder value,” the company said. Macy’s shares fell about 2% in premarket trading Wednesday.
Macy’s also said it had provided confidential business information to an investor group led by Arkhouse as the two parties negotiated terms of a possible sale. Both new directors will be members of the committee reviewing Arkhouse’s bid to acquire the company.
Arkhouse first submitted an offer to take the retailer private in 2023. The investor partnered with Brigade Management and has since raised its offer multiple times. The investment firm-turned-activist then launched a proxy fight at the company in February, proposing a slate of nine directors.
Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said Clark and Markee’s appointments “will ensure our discussions continue to be constructive and that our proposals are dealt with carefully and expeditiously”.
This is breaking news. Please check back for updates.
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