Macy's, Inc (M) reaches agreement with Arkhouse Management
Key Summary: On Feb 20, 2024, Arkhouse Management (4.4%) nominated nine candidates for election to the Board at the 2024 AGM. On April 10, 2024, the company entered into an agreement with Arkhouse Management and pursuant to it, the company appointed Richard Clark and Richard L. Markee (Arkhouse Nominees) to its Board.Market Cap: $5.2 billion | Macy's, Inc., an omni-channel retail organization, operates stores, websites, and mobile applications in the United States.
On February 20, 2024, Arkhouse Management (4.4%) nominated nine candidates for election to the Board at the 2024 AGM after failed acquisition attempts, citing the Board's reluctance to engage. Arkhouse emphasized its financing credibility and proposed a higher purchase price, urging the Board to reconsider. Source
On March 14, 2024, Arkhouse Management filed proxy materials seeking support for its nominees.
On April 2, 2024, Arkhouse Management filed proxy materials seeking support for its nominees.
On April 10, 2024, the company entered into an agreement with Arkhouse Management and pursuant to it, the company appointed Richard Clark and Richard L. Markee (Arkhouse Nominees) to its Board. They have also been appointed to the Finance Committee of the Board, which will evaluate Arkhouse and Brigade Capital Management, LP’s proposal to acquire Macy’s, making recommendations to the full Board. In compliance, Arkhouse has withdrawn its notice of nomination of candidates and shareholder proposals for Macy’s 2024 Annual Meeting, along with a related shareholder demand.