Macy’s said on Wednesday it has appointed two independent directors to its board, ending a proxy contest with activist investor Arkhouse Management.
In March, Arkhouse and Brigade Capital Management raised their offer to acquire Macy’s stock they don’t already own for $24 per share after the company rejected an earlier bid made in December.
The department store chain said it continues to engage with Arkhouse and Brigade Capital Management regarding their revised proposal to buy out Macy’s.
The appointments of Richard Clark and Richard Markee as independent directors also resulted in Arkhouse withdrawing its board nominees, the company said.
In February, Arkhouse nominated nine director candidates just weeks after the retailer rejected the go-private bid.
Clark and Markee will join the board’s finance committee, which in addition to its existing responsibilities, will oversee the evaluation of the proposal from Arkhouse and Brigade.
Arkhouse in March also said Macy’s was in talks with the investment firm for opening its books for due diligence on the prospects of a higher offer.
Shares of Macy’s were down 2.5 percent in premarket trading.
By Ananya Mariam Rajesh; Editing by Anil D’Silva and Shailesh Kuber
Learn more:
Activist Investors Raise Macy’s Buyout Bid to $6.6 Billion
Investment firms Arkhouse Management and Brigade Capital Management is offering to acquire Macy’s stock they don’t already own for $24 per share, 14 percent above its previous offer from December.
