Shareholders of Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) approved the company's proposed merger with The May Department Stores Company. About 81 percent of shares outstanding, representing more than 99 percent of votes cast at Federated's Annual Meeting of Shareholders, were in favor of a resolution to authorize the issuance of Federated common stock pursuant to an agreement and plan of merger between the two companies.
"As we have stated before, the combined company will be an exciting organization - a fashion retailer with about $30 billion in sales and truly national scope and presence," Terry J. Lundgren, Federated's chairman, president and chief executive officer, told the annual meeting. "The road ahead for Federated is very exciting and presents us with an opportunity to transform our industry in a way that will benefit customers from coast to coast."
Contingent on completion of the antitrust review of the transaction by regulators, the company continues to believe the merger with May will close in the fiscal third quarter of 2005.
This release contains statements about expected future events that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, Federated expectations regarding the closing and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Federated management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in the forward-looking statements contained in this document because of a variety of factors, including a significant change in the timing of, or the imposition of any government conditions or legal impediments to, the closing of the proposed transaction. Additional factors that may affect the future results of Federated are set forth in its filings with the SEC, which are available at www.fds.com.
Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales of more than $15.6 billion. Federated operates more than 450 stores in 34 states, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com and Bloomingdale's By Mail.
(NOTE: Additional information on Federated, including past news releases, is available at www.fds.com/pressroom.)
SOURCE: Federated Department Stores, Inc.
Posted July 13, 2005 ASAP Fashion News Fast - Fashion news for the apparel industry and consumers to learn more about the clothing business.
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