Macy's Faces Proxy Battle as Arkhouse Nominates Nine Directors

Arkhouse Management escalates its takeover bid for Macy's by nominating nine directors for the retailer's board, challenging the current leadership.

Arkhouse Management has nominated nine individuals for election to Macy's board of directors, intensifying its efforts to take over the company.
Macy's rejected Arkhouse's $21-a-share takeover proposal in December, valuing the bid at $5.8 billion, which it deemed too low.
Macy's board and management team express confidence in their strategy and oppose the takeover, citing concerns over Arkhouse's financing plan.
Under new rules, Macy's shareholders will be able to pick and choose director nominees from both activist and management slates at the 2024 annual meeting.
Macy's plans to reveal its value-creating strategy in its fourth quarter and full year 2023 earnings report, scheduled for February 27.