Activist investor Arkhouse Management nominates nine directors for Macy's board after rejection of a $5.8B takeover offer.
Activist investor Arkhouse Management has nominated nine directors for Macy's board, sparking a proxy battle following the department store's rejection of a $5.8 billion takeover offer from Arkhouse and Brigade Capital Management. Macy's had concerns over the financing plan and lack of compelling value in the non-binding proposal. Arkhouse, which joined with Brigade in a $21-a-share bid, aims to secure nine seats on Macy's 14-member board.
February 20, 2024
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