Macy’s
said private-equity firm Arkhouse Management has nominated nine people to stand for election at its annual meeting.
This arrives on the heels of last year’s unsolicited proposal from Arkhouse and Brigade Capital to acquire the company for $21 per share in cash, which was turned down last month.
“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 a statement Tuesday.
Arkhouse didn’t immediately respond to a request for comment.
Macy’s said it would evaluate the Arkhouse candidates and file its recommendation in its proxy statement ahead of the company’s annual meeting, the date of which hasn’t been set. It will post fourth-quarter and full-year results on Feb. 27.
Macy’s stock fell 1% to $19.27 on Tuesday.
Write to Emily Dattilo at [email protected]
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