In the aggregate i view this as a huge positive for macys shareholders. All statements in this presentation that are not statements of historical fact are. Macys appears to be engaged and cooperative, and the company even asked for the presentation materials, implying they want to go over them again or study them in more detail. Macys appears interested in starboards proposed jv. Unlocking value at macys january 11, 2016 starboard value. Bond has a maturity date of 1152032 and offers a coupon of 6. M today outlined a series of initiatives to drive profitable growth, enhance shareholder value and strengthen macys as americas preferre. Jan 20, 2016 macy s has an incredibly valuable real estate portfolio that houses its stores and distribution centers. Starboard value outlines plan to ipo macys real estate. The payment of the coupon will take place 2,0 times per biannual on the 15. Company filings, bloomberg, and starboard value estimates.
April 2, 2020 starboard value lp files definitive proxy statement and letter to gcp. Starboards presentation on maximizing macys real estate is available. Starboard value lp, the activist hedge fund that had pressured macys inc to separate its real estate from its retail business, has sold its stake in. Starboard releases presentation on macys real estate and.
Due to the significant business disruption caused by the covid19 pandemic, and the subsequent impact on the financial statement preparation and reporting process, the company will release its first. Starboard seeks to invest in deeply undervalued companies and actively engage with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of. However, when they have received a board seat, their average d return has been 34. Prnewswire starboard value lp together with its affiliates, starboard. The problem is, at its current state it is not unlocking any value for. While we are frustrated with the recent operating performance of the business, we appreciate that you have begun to take actions to resize the cost structure and reduce macy s store base.
Americas most trusted lifestyle expert grows existing collection with new products new york, 2018mar02 epr retail news sequential brands group, inc. If you earn it in store, youll get your macys money on a rewards card right at the. We believe that a jv, or series of jvs, can crystallize the value of macys real estate while bringing in a partner with substantial capital and real estate expertise that will enable the jvs to. Starboard value outlines plan to ipo macy s real estate, stocks.
Starboard issues detailed investor presentation on. Starboard releases presentation on macy s real estate and delivers letter to macy s management and board pleased with the recent announcement that macy s is pursuing joint venture structures for. Excludes store closures announced on january 6, 2016. April 30, 2020 starboard value lp publishes presentation on gcp. This presentation outlines the plan that we believe macys should follow to create value for shareholders.
Participants should create a powerpoint presentation with fewer than 20 slides outlining an actionable investment idea that meets starboard value s investment criteria below. About starboard value lp starboard value lp is a new yorkbased investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly. The real estate catalyst looks like a hot air balloon. Activist investor starboard exits macys stock sources. Macys, inc and the redbook and icscgoldman sachs retail indices. As you know, starboard value lp, together with its affiliates starboard, is a large shareholder of macy s inc. Jan 11, 2016 macys real estate portfolio represents more than 100% of macys enterprise value. Starboard value lp is a new yorkbased investment adviser with a focused and fundamental approach to investing in publicly traded u. Epr retail news sequential brands group and qvc announce.
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