LYCOS RETRIEVER 
May Department Stores: Department Stores Company
built 635 days ago
David May started what became The May Department Stores in 1877. By 1892, his company acquired The Famous Clothing Store in St. Louis. Later, in 1913, he acquired the William Barr Dry Goods Company (founded 1849) and combined it with his other stores to become Famous-Barr. Thus, this Midwest chain has always been a part of The May Department Stores Company.
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May Department Stores Company is one of the country's leading department store companies. The company operates eight quality regional department store divisions using twelve trade names. The company's retail merchandising business is conducted under highly competitive conditions. Competition at the local level is characterized by many factors including convenience of facilities, reputation, procurement of merchandise, product mix, advertising, price, quality, service, and credit availability.
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Jones Day is advising Federated Department Stores Inc. in its $17 billion acquisition of The May Department Stores Company announced on February 28. Federated will pay May's stockholders $17.75 per share in cash and 0.3115 Federated shares for each May share, or a total of $11 billion for May's equity. Federated ... will assume approximately $6 billion of May's debt. As part of this transaction, Federated has committed to increase its annual dividend to $1 per share.
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T[H]e American retailing industry is witnessing the absorption of The May Department Stores Company ["May"] into the Federated Department Store group of companies. Pending federal approval, Federated will sell off as many as 68 May stores after the upcoming holiday season is complete. How this plan will affect shoppers is only beginning to now be realized.
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While the apparel will be available at all major department stores nationwide, the department stores formerly operated by The May Department Stores Company (Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres, Meier & Frank, Robinsons-May and Strawbridge's) will be home to an exclusive line of accessories, including sleepwear, handbags, jewelry and watches.
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Jones Day advised Federated Department Stores, Inc. 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.
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