Macy's names 2 independent directors as part of agreement with activist investor

abcnews.go.com:

Macy’s said Wednesday it has named two independent directors to its board that were pushed by activist investor Arkhouse Management, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain

NEW YORK — Macy's said Wednesday it has named two independent directors to its board that were pushed by activist investor Arkhouse Management, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.

Macy's said the directors — Ric Clark and Rick Markee — will join the finance committee effective immediately and oversee the evaluation of and make recommendations to the full board regarding the acquisition proposal submitted by Arkhouse and Brigade Capital Management, LP that Macy's had opposed. Arkhouse previously nominated the two directors in February, after Macy's rejected its initial acquisition proposal. It was part of a big push by Arkhouse to get a total of nine new board members and ignited a proxy fight.

“The Macy’s, Inc. board is committed to acting in the best interests of all Macy’s Inc. shareholders, and the composition of our board is something we take seriously,” said Paul Varga, lead independent director, in a statement.

In March, Arkhouse Management and Brigade Capital Management upped their offer to acquire Macy’s in a deal now valued at $6.6 billion. The investment firms had said at the time they had submitted an all-cash proposal of $24 for each of the remaining shares in Macy’s they don’t already own — up from a earlier offer of $21 per share.

Macy’s rejected the earlier deal, which was valued at $5.8 billion, in January. At the time, the retailer said that its board reviewed the investment firms’ proposal and not only had concerns about