Macy’s rejected a $6 billion unsolicited bid from an activist investor to take the department store private. Now, the activist group is launching a proxy fight to take control of Macy’s board. A real estate investment group has nominated nine directors to seize control of the board. Macy’s stock price has dropped 75% since 2015, and the company has closed nearly 300 stores. Last month, Macy’s announced layoffs of around 2,350 employees. Analysts believe the activist investor may sell off Macy’s real estate and spin off its e-commerce business. Macy’s called the proposal “not actionable and lacked compelling value.”
