Macy's Agrees to $5.8B Acquisition by Arkhouse & Brookfield
Ticker: M · Form: 8-K · Filed: May 20, 2024 · CIK: 794367
Sentiment: mixed
Topics: acquisition, private-equity, deal
TL;DR
Macy's going private for $5.8B in an all-cash deal with Arkhouse/Brookfield, expected to close Q2.
AI Summary
Macy's, Inc. announced on May 17, 2024, that it has entered into a definitive agreement to be acquired by an investor group led by Arkhouse Management and Brookfield Asset Management. The all-cash transaction values the company at approximately $5.8 billion. This acquisition is expected to close in the second quarter of fiscal 2024.
Why It Matters
This significant acquisition marks a major shift for Macy's, potentially leading to changes in its strategy and operations as a private entity, impacting its employees, suppliers, and the retail landscape.
Risk Assessment
Risk Level: medium — The deal is subject to customary closing conditions, and the transition to private ownership could introduce uncertainties for stakeholders.
Key Numbers
- $5.8B — Acquisition Value (Total cash consideration for Macy's, Inc.)
Key Players & Entities
- Macy's, Inc. (company) — Company being acquired
- Arkhouse Management (company) — Acquiring investor
- Brookfield Asset Management (company) — Acquiring investor
- $5.8 billion (dollar_amount) — Valuation of the acquisition
- May 17, 2024 (date) — Date of the agreement announcement
- second quarter of fiscal 2024 (date) — Expected closing period for the acquisition
FAQ
Who are the primary parties involved in the acquisition agreement?
Macy's, Inc. has entered into a definitive agreement with an investor group led by Arkhouse Management and Brookfield Asset Management.
What is the total value of the transaction?
The all-cash transaction values Macy's, Inc. at approximately $5.8 billion.
When is the acquisition expected to be completed?
The acquisition is expected to close in the second quarter of fiscal 2024.
What is the form of the transaction?
The transaction is an all-cash deal.
What is the filing date of this report?
This Form 8-K was filed as of May 20, 2024, reporting events as of May 17, 2024.
Filing Stats: 769 words · 3 min read · ~3 pages · Grade level 10.7 · Accepted 2024-05-20 17:05:24
Filing Documents
- n-20240517.htm (8-K) — 60KB
- 0000794367-24-000146.txt ( ) — 182KB
- n-20240517.xsd (EX-101.SCH) — 2KB
- n-20240517_lab.xml (EX-101.LAB) — 21KB
- n-20240517_pre.xml (EX-101.PRE) — 12KB
- n-20240517_htm.xml (XML) — 3KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders The annual meeting of shareholders of Macy's, Inc. was held virtually on May 17, 2024. The following is a summary of the matters voted on at the meeting: 1. Shareholders approved the election of 15 directors to serve for a one-year term expiring at the 2025 annual meeting of Macy's shareholders, as follows: FOR AGAINST ABSTAIN BROKER NON-VOTE Emilie Arel 187,430,467 10,384,028 784,242 27,583,104 Torrence N. Boone 187,970,889 9,755,563 872,285 27,583,104 Ashley Buchanan 187,887,785 9,818,843 892,109 27,583,104 Marie Chandoha 187,142,895 10,605,095 850,747 27,583,104 Naveen K. Chopra 187,770,216 9,883,146 945,375 27,583,104 Richard Clark 194,506,475 3,334,012 758,250 27,583,104 Deirdre P. Connelly 184,110,701 13,615,064 872,972 27,583,104 Jill Granoff 186,939,129 10,723,854 935,754 27,583,104 William H. Lenehan 188,859,012 8,842,909 896,816 27,583,104 Sara Levinson 184,659,571 13,186,592 752,574 27,583,104 Richard Markee 194,392,393 3,454,181 752,163 27,583,104 Douglas W. Sesler 187,640,948 10,334,094 623,695 27,583,104 Tony Spring 183,767,414 14,120,815 710,508 27,583,104 Paul C. Varga 184,804,940 12,979,670 814,127 27,583,104 Tracey Zhen 187,828,584 9,981,699 788,454 27,583,104 2. Shareholders ratified the appointment of KPMG LLP as Macy's independent registered public accounting firm for the fiscal year ending February 1, 2025, as follows: FOR AGAINST ABSTAIN 209,707,158 15,831,161 643,522 3. Shareholders approved the advisory vote to approve named executive officer compensation, as follows: FOR AGAINST ABSTAIN BROKER NON-VOTE 181,709,598 16,048,244 840,895 27,583,104 4. Shareholders approved the Macy's, Inc. 2024 Equity and Incentive Compensation Plan, as follows: FOR AGAINST ABSTAIN BROKER NON-VOTE 174,055,063 23,906,158 637,516 27,583,104 MACY'S, INC. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused t