Macy's has settled a proxy contest with activist investor Arkhouse Management by agreeing to add two of Arkhouse's nominees to its board of directors, following a -2.5% pre-market dip in its stock price. This move comes after a shareholder lawsuit was filed in Delaware, accusing Macy's of employing an improper takeover defense. The settlement, which was reached on Wednesday, effectively ends the proxy contest, allowing Macy's to continue with its deal talks. The newly appointed directors are independent and their addition to the board is effective immediately.
Macy's names 2 independent directors as part of agreement with activist investor https://t.co/kDSpV1vPUv
Macy’s Appoints Two New Directors, Continues Talks With Arkhouse & Brigade https://t.co/JcDwfrx8cZ https://t.co/Td9kv6lSSF
Macy's $M ends proxy contest with Arkhouse Management, names 2 new directors to board https://t.co/hon9SbOgCF https://t.co/tMVfitiNQ2
Macy's adds two directors to settle with Arkhouse; carries on with deal talks https://t.co/zg2lCoanNK https://t.co/1NEcxR8X0N
Macy’s adds 2 new directors to board, ending fight with activist investors https://t.co/qPgR5SUQ7d https://t.co/egg8Iv0EbY
🇺🇸 Macy's adds two directors to settle with Arkhouse; carries on with deal talks https://t.co/pXAIMkikv4
Macy’s appoints two new independent directors, ending proxy contest with Arkhouse https://t.co/COM2pJ2Knk
Macy’s named two new directors nominated by activist investor Arkhouse Management https://t.co/08Yhov5cYj
Macy’s Names Two Arkhouse Nominees to Board https://t.co/1JAU9rg69X
Macy’s Appoints Two Arkhouse Candidates to Board, Reaches Settlement https://t.co/p356JgsKI4
⚠️ MACY'S APPOINTS TWO NEW DIRECTORS; ENDS PROXY CONTEST WITH ARKHOUSE Full Story → https://t.co/01nXW2ulge Macy's on Wednesday named two new independent directors to its board effective immediately, ending a proxy contest with activist investor Arkhouse Management.
Macy’s to add two Arkhouse nominees to board as firm ends its proxy contest https://t.co/hCFsOI4bzU
$M (-2.5% pre) Arkhouse Issues Statement on Settlement with Macy’s - SI https://t.co/Z05tm3wxA5
These things usually end in a settlement but I for one am hoping we get an opinion out of it. Macy's SH sues in Delaware alleging that Macy's is employing an improper takeover defense. https://t.co/I2tZ1XHSvG