Customers visit the Macy's Herald Square store in New York City on December 17, 2023.
Kena Betancur | Corbis News | fake images
Investment firm Arkhouse Management has launched a proxy fight in Macy'snominating a slate of nine directors for election to the department store's board of directors.
Macy's confirmed Tuesday that it had received notification of the nominations from Arkhouse, which made an unsolicited bid of $21 per share for the company in December. Macy's board rejected that $5.8 billion offer and questioned the status of Arkhouse's financing.
Arkhouse managing partner Gavriel Kahane previously told CNBC that the company's financing was committed, citing a “very confident” letter from Jefferies, but said Macy's had not allowed due diligence to occur. Arkhouse had also hinted that he would be open to starting a proxy fight at the retailer.
In its statement Tuesday, Macy's reiterated that it had made “a careful review” of Arkhouse's IPO offer, but that Arkhouse “had yet to provide financial details that would improve the viability” of its proposal.
Macy's has not yet set a date for its 2024 annual shareholder meeting. Under new rules adopted in 2023, its shareholders will be able to elect individual director candidates from both activist and management slates at the meeting.
An Arkhouse spokesperson did not immediately respond to CNBC's request for comment.
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