The iconic Macy’s flagship store in Herald Square, New York, was the center of attention on December 23, 2021. Macy’s announced a resolution to its proxy battle with real estate investor Arkhouse, welcoming two new directors to its board of 15 members.
This strategic move brings Macy’s one step closer to a potential privatization deal for the 165-year-old department store. Ric Clark, a former Brookfield executive, and Rick Markee, who also serves on the board of Five Below, have joined Macy’s board, effective immediately, as Arkhouse nominees.
The company expressed its willingness to explore various avenues to enhance shareholder value. Despite a slight dip in Macy’s shares during early trading on Wednesday, the company disclosed sharing confidential business information with the Arkhouse-led investor group during negotiations for a potential sale.
Both new directors will play a crucial role in evaluating Arkhouse’s bid to acquire Macy’s. This development marks a significant step in the ongoing discussions between the two parties.
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2024-04-10 11:05:21
Original from www.cnbc.com