A bid from Arkhouse Management and Brigade Capital to take retailer Macy's private has moved closer to due diligence after weeks of delay, but the activist group plans to continue its proxy fight while negotiations progress.
Macy's sent the activist a draft confidentiality agreement earlier this week, after months of meetings and engagements between the two sides, Arkhouse said in a proxy filing Thursday.
The proxy filing and exhibits show that as the deadline to launch a proxy fight neared, Arkhouse asked Macy's in February to extend its nominating window to "avoid any heightened tension that may accompany" launching a rival slate.
The two sides have been negotiating the terms of the agreement this week, the proxy filing shows.
In light of the proxy fight and media reports, Gennette said Macy's board was "puzzled by your request for confidential treatment."
Persons:
Macy's, Arkhouse, Jeff Gennette, Gennette
Organizations:
Arkhouse Management, Brigade Capital, Brigade, Fortress Investment Group, One Investment Management, Macy's Inc
Locations:
New York City, Arkhouse