Arkhouse Nominees Added To Macy's Board

(RTTNews) - Macy's, Inc. (M) announced the appointment of two independent directors, Richard Clark and Richard Markee, to its Board, effective immediately. The appointments follow the Board's engagement with Arkhouse Management Co. LP, resulting in the withdrawal of its director nominations. Following the Board appointments and retirements, the Macy's Board comprises 15 directors, 14 of whom are independent.

The Macy's, Inc. Board stated that it is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the company. The company has begun to provide Arkhouse and Brigade with certain confidential due diligence information, and that process remains ongoing.

"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 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 on Settlement with Macy's.