May, Federated Shareholders Approve Takeover
Chicago, Shareholders approved the $11 billion takeover of May Department Stores by Federated Department Stores at their annual meetings today. May, which is based in St. Louis, will become a Federated division. The deal will bring stores such as Macy’s, Bloomingdale’s, Lord & Taylor and Filene’s under one company.
Federated is encouraged by the willingness of shareholders involved in both companies to accept the acquisition. Terry J. Lundgren, Federated’s chairman, president and CEO said, “Today’s votes by shareholders of both May and Federated are important milestones in our process to create a premier national retailing company that will help us compete against a highly competitive marketplace.”
May is excited about the takeover as well. John L. Dunham, May’s chairman, president and CEO, said, “We will be much stronger in every aspect of the business than either company could be independently.” Before the takeover, May and Federated were rivals in the retail world.