Nation's leading department store retailer Federated Department Stores Inc 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.
Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales of over $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.
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Federated Department Stores Inc
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