Overview

• 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.