T.Rowe Price says it plans to back Kohl’s nominees in proxy fight with Macellum -Breaking
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© Reuters. FILE PHOTO: The Kohl’s label is seen on a shopping cart in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid2/2
By Svea Herbst-Bayliss
BOSTON (Reuters] – T. Rowe Price Associates (NYSE:) is one of Kohl’s largest investors. It announced that it will back the directors of Kohl’s Corp. This defeats Macellum Advisors, an activist hedge fund, as it tries take over the board.
“We intend to vote FOR the 13 nominees presented by the Kohl’s board. “We do not plan to vote for the Macellum Card.
T. Rowe Price stated that it will not vote for any of the 10 nominated candidates in a case study on how it plans to vote.
The May 11th meeting will allow investors to vote. T. Rowe Price had 6.8 million shares (5.29%) at December’s close.
Macellum is led by Jonathan Duskin. He has publicly called for Kohl’s to be sold and has criticised Kohl’s business for failing to do enough to improve it.
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