Macy’s stock jumped 5% Thursday morning following a New York Post report stating the embattled retailer is in discussions to sell to a private equity firm in an effort to skirt a potential battle for control of its board of directors.
Citing sources in the private equity and real estate investment fields, the report states that Jeffrey Smith, founder and CEO of New York-based activist hedge fund Starboard Value, is maneuvering for board seats, with a proxy battle looming ahead of Macy’s annual meeting sometime this spring.
