Federated Puts Off Decision
NEW YORK — The board of Federated Department Stores Inc. today put off until Friday a decision on whether to reaffirm its merger agreement with R.H. Macy & Co. Inc. or accept the competing bid of Campeau Corp. Federated said both suitors presented revised bids of more than $6.6 billion each to the board at its daylong meeting Wednesday.
The board had been expected to announce today whether it would reaffirm its support for its agreement with Macy or reverse itself and choose Campeau’s offer. However, Federated said Macy submitted another revised offer this morning and the board will meet again Friday morning to consider both bids.
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