Big Lots settlement with Macellum Advisors and Ancora Advisors
Davis Polk advised Big Lots, Inc. on matters relating to its settlement with Macellum Advisors GP, LLC and Ancora Advisors, LLC, who beneficially own in the aggregate approximately 9.8% of Big Lots’s outstanding common shares. Pursuant to the settlement agreement, two new independent directors have been appointed to Big Lots’s board of directors, and Macellum Advisors and Ancora Advisors agreed to customary standstill, voting and other provisions.
Headquartered in Columbus, Ohio, Big Lots is a discount retailer operating 1,404 BIG LOTS stores in 47 states with product assortments in the merchandise categories of Furniture, Seasonal, Soft Home, Food, Consumables, Hard Home, Electronics and Toys & Accessories. Ancora Advisors offers family wealth advisory, retirement plan management and investment management services for families, businesses and institutions. Macellum Advisors invests in undervalued companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance.
The Davis Polk corporate team included partner John A. Bick and associate Michael Gilson. All members of the Davis Polk team are based in the New York office.