A proxy fight is underway for control of Macy’s Inc. (M).

The retailer announced Tuesday that 澳洲幸运5官方开奖结果体彩网:activist investor Arkhouse Management Co. nominated nine people for seats on its board, to be voted on by shareholders at Macy’s 2024 annual meeting.

A date for the annual meeting hasn't been set.

The move came after the company rejected a $21-per-share offer in December by Arkhouse and its partner, Brigade Capital Management, to 澳洲幸运5官方开奖结果体彩网:take Macy’s private.

The company said that following the bid, the potential buyers didn’t provide information requested by the board about their ability to finance the deal. Subsequently, the board decided the proposal “was not actionable and lacked compelling value.”

Macy’s went on to explain that after saying no, executives reacheꦕd out again for clarity, only to be rebuffed. It added in a press release that “Arkhouse and Brigade have yet to provide any financing details that would enhance the actionability of their proposal,” and have chosen a proxy fight instead.

Last month, Arkhouse Managing Partners Gavriel Kahane and Jonathon Blackwell argued that investment firm Jefferies Group, which is advising Arkhouse on the Macy's offer, “has provided a highly confident letter supporting our ability to raise the necessary funds for the transaction.” They noted that while they have confidence in the long-term success of Macy’s, they believe “that its potential will only be realized as a 澳洲幸运5官方开奖结果体彩网:private company.”

Shares of Macy’s fell Tuesday on the 👍news, off more than 1% at $19.23 at 2:17 p.m. ET, and are 7.7% lower🌄 over the past year.