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Stock impact report

Macy's proxy fight is over, but the battle for the department store's future wages on [CNBC]

Target Corporation (TGT) 
Last target corporation earnings: 3/3 06:30 am Check Earnings Report
US:NYSE Investor Relations: investors.target.com
Company Research Source: CNBC
Now, the CEO will have two fresh faces on the department store retailer's board of directors as it weighs whether to bet on his vision or sell the nearly 166-year-old retailer to activist investors. The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer. “It stops the pressures in the here and now,” said Neil Saunders, managing director of research firm GlobalData. “But in a way, you're letting the wolf into the henhouse.” Arkhouse first made a bid in December to buy Macy's and take the company private at $21 per share. Macy's rejected the offer, Arkhouse raised its bid, and Macy's rejected that offer, too . Arkhouse then launched its proxy fight and put forward nine nominees to Macy's 15-person board. For Macy's, this we Show less Read more
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