Hecht's
Hello! I started this message board to talk and vent about Hecht's and Macy's, or any of those chains, in relation to the Federated/May Company merger. For the first topic, here is some info in regards to that.
Hecht's/Strawbridge's
Merger Questions
1. Q: What does "Change In Control" (CIC) mean?
A: Change in control occurs when the merger of the two companies is completed. Today May is owned by many thousands of shareowners. After the change in control occurs, May will become part of Federated, which is owned by its shareowners.
2. Q: When will the CIC occur?
A: There are several significant steps that must occur before the merger can be concluded. Both May and Federated shareowners must approve the transaction and government regulatory approvals must be obtained. Nothing will change immediately. We continue to expect the transaction to close in the third quarter.
3. Q: Where can I get more information about the merger?
A: You can get more information about the merger at the Federated-May merger link on our Web site home page www.mayco.com.
4. Q: Where can I get more information about Federated?
A: You will find a great deal of information, including the Federated Annual Report and Fact Book, on Federated's Web site at www.fds.com.
5. Q: When will the dialogue about the transition begin with Federated?
A: General discussions about the transition have begun at the senior executive level. Much more work will need to be done to identify specific transition steps and timing. We will keep you informed as more information becomes available.
6. Q: What does "shareowner approval" mean?
A: Shareowners must vote to approve the merger transaction in order for it to move forward. Each company will hold meetings for shareowners to vote on the merger (voting can be in person or by proxy). It is anticipated the meetings will occur in July or August 2005. Prior to the meetings, materials and information will be sent to all shareowners for their review.
7. Q: What are the regulatory approvals that must be obtained before the CIC can occur?
A: The Federal Trade Commission (FTC) reviews the merger under federal anti-trust rules. States, through their attorneys general, may also decide to review the merger under their own anti-trust laws. The Securities and Exchange Commission (SEC) also reviews the proxy statements that will be sent to shareowners of both companies before the vote, as well as the registration of the common stock that Federated will issue to May shareowners. There is no set timetable for these regulatory approvals, but May and Federated continue to anticipate that the CIC will occur in the third quarter.