Provided exclusively by Mergermarket
Macy’s [NYSE:M] chief executive officer Terry Lundgren, whose tenure will end later in the fiscal quarter, has recently been interested in offers from possible friendly suitors, the New York Post reported late Wednesday night. The move would be an effort to circumvent a board shakeup, the article reported, citing sources familiar with the situation.
A sale had not been planned by Lungren, the article noted, but the newspaper cited a private equity firm partner who said a real estate investor had contacted him regarding a possible sale of Macy’s. The Post reported that other industry sources said they’d been involved in similar talks.
The motivation could be activist fund Starboard, headed by Jeffrey Smith, who is reportedly frustrated with Macy’s performance since his July 2015 investment, the Post reported. A source told the newspaper that Macy’s preference would be a sale than to have its future dictated by Starboard.
A spokesperson for Macy’s would not comment, the article reported.
The company’s market cap is USD 9bn, according to the Post.
As seen in the mergermarket newsletter on 02/02/2017