Hedge fund Arkhouse Management nominates 9 for Macy's (M) board

Macy's (NYSE: M) said on Tuesday that hedge fund Arkhouse had nominated nine individuals to stand for election as directors at the company's 2024 annual meeting.

The news follows Macy's rejection of a $5.8 billion, or $21 per share in cash, takeover offer from Arkhouse Management and Brigade Capital Management in January to take the company private.

In its latest announcement, Macy's said, regarding the takeover offer, that there were concerns about Arkhouse and Brigade’s ability to successfully execute the financing plan included with their proposal.

As a result, they determined that the proposal was not actionable and "lacked compelling value."

"Arkhouse and Brigade have yet to provide any financing details that would enhance the actionability of their proposal despite multiple opportunities to do so, and instead of attempting a constructive dialogue, Arkhouse has chosen to launch a proxy contest," Macy's said in its press release.
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By Sam Boughedda

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