Macy’s recently rejected an unsolicited $6 billion bid from an activist investor to take the famed department store private.
Macy’s said investment 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.
In the most recent trading session, Macy's (M) closed at $19.26, indicating a -1.03% shift from the previous trading day.