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As Macy's adds new Arkhouse nominees, the group will continue to pursue a deal to take the retailer private.

Macy’s added two new members to its 15-person board, putting a stop to a proxy fight with activist invest Arkhouse Management that began earlier this year. The move appears to have satisfied Arkhouse, which initially nominated nine new members to the Macy’s board in February.

Joining the Macy’s board of directors are Ric Clark and Rick Markee, both of whom were nominated by Arkhouse.

“We are pleased to welcome Ric and Rick to the Board as we advance our efforts to deliver value for shareholders,” said Tony Spring, chairman and CEO of Macy’s, Inc. “Ric and Rick bring leadership experience as well as valuable real estate and retail industry expertise, respectively, that is complementary to that of our other Board members.”

Macy’s ranks No. 17 in Digital Commerce 360’s Top 1000 Database. The Top 1000 ranks North America’s leading retailers by online sales. It is also the second-largest Apparel & Accessories retailer in the database.


Macy’s welcomes board nominees from Arkhouse

The appointments, announced by Macy’s on April 10, became effective immediately. As a result, Arkhouse withdrew the rest of the nominees on its slate. Arkhouse in turn released its own statement. The group praised the decision, noting that it would continue its pursuit of a deal to acquire Macy’s.

“Ric Clark and Rick Markee bring tremendous dealmaking experience to Macy’s Board and will be instrumental in maximizing value for shareholders,” Arkhouse’s statement read. “As a result of our efforts, our buyer group has begun receiving due diligence to progress discussions toward a potential transaction to acquire the Company.”

The group made it clear that it hopes Clark and Markee will help to secure a deal. Arkhouse and Brigade Capital Management previously offered to acquire Macy’s at $24 per share, or $6.6 billion. The deal, proposed in March would have taken the retailer private. That offer followed another for $5.8 million, which Macy’s rejected.

Arkhouse will continue to pursue Macy’s buyout

“The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously,” Arkhouse said in its released statement. “We appreciate the Board’s engagement and look forward to working with them to unlock shareholder value.”


The April 10 changes to the Macy’s board included two other members, which were previously planned. Those included CEO Tony Spring taking over the chairman role and Douglas Sesler being added as an independent director. In addition, former Macy’s CEO Jeff Gennette and Frank Blake retired from the board.

“We are confident the Company will benefit from their additional perspectives in addition to those of Doug who also joins our Board today,” said Spring. “I look forward to working with all my fellow directors as I step into the role of chairman. At the same time, I want to extend the Board’s appreciation for Jeff’s and Frank’s many valuable contributions throughout their years of service.”

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