Federated Department Stores' $17 billion acquisition of May Department Stores is largest U.S. retail deal to date
Clients Federated Department Stores, Inc.
Jones Day advised Federated Department Stores, Inc. (now known as Macy's) in its $17 billion acquisition of The May Department Stores Company. Pursuant to the transaction, each share of May stock was converted into the right to receive $17.75 per share in cash and 0.3115 shares of Federated stock.
The deal, which is the largest U.S. retailing transaction to date (excepting grocery stores), establishes Federated as a $30 billion national retailer with 950 department stores and approximately 700 bridal and formalwear stores located in 49 states, Guam, Puerto Rico and the District of Columbia. In addition to M&A representation, Jones Day provided employee benefits advice and coordinated Federated's responses to multiple antitrust investigations of the transaction (which received Federal Trade Commission clearance).