What: Arkhouse Management has nominated nine individuals for election to Macy's board of directors, intensifying its efforts to acquire the department store chain despite Macy's rejection of Arkhouse's USD 21 per share takeover proposal.

Why it is important: This move signals a proxy fight between Macy's and Arkhouse, highlighting the ongoing tension and the potential for significant changes in Macy's leadership and strategic direction. The situation underscores the challenges Macy's faces from investors seeking to capitalize on the company's real estate assets and operational changes.

Arkhouse Management, alongside Brigade Capital Management, continues to pressure Macy's Inc. following their rejected takeover bid valued at USD 5.8 billion. In a bold move, Arkhouse has proposed nine nominees for Macy's board, aiming to influence the company's future direction. Macy's has expressed confidence in its current board and strategic plans, emphasizing its focus on customer experience and omnichannel platforms. Despite Arkhouse's claims of securing substantial financial backing for their acquisition proposal, Macy's remains skeptical about the bid's viability and Arkhouse's ability to enhance shareholder value. The proposed nominees include notable figures in retail and real estate, suggesting Arkhouse's interest in Macy's valuable property holdings. As Macy's prepares to report its earnings and outline its strategy, the board nomination battle underscores the broader challenges and potential shifts within the retail giant.

Macy’s responds to activist’s board nominees

Macy’s, Inc. Press Release