Macy's Receives Nine Director Nominations From Arkhouse

(RTTNews) - Departmental store chain, Macy's, Inc., Tuesday announced that it received nine nominations for the company's board election from the hedge fund Arkhouse Management Co. LP.

The nominations come after Macy's rejected Arkhouse and Brigade's proposal to acquire all the outstanding shares of the company for $21 per share in cash, citing concerns from Board members regarding their financing plan.

The company said that despite Arkhouse's sole objective of sale of Macy's, its Nominating and Corporate Governance Committee will evaluate their recommendations for director candidates.

In the pre-market activity, Macy's stock is sliding 0.31 percent, to $19.40 on the New York Stock Exchange.