Federated-May Merger Approved

CINCINNATI-Shareholders of Federated Department Stores, in an 81% vote, approved their $11-billion acquisition of May Department Stores Co. In New York City, May shareholders approved the merger as well, which will give them $17.75 in cash and 0.3115 shares of Federated for each of their stocks.

Company executives expect the transaction to close in the third quarter. The deal will create a combined company with nearly 1,000 department stores across the country. Federated operates about 450 stores in 45 states under the Macy’s and Bloomingdale’s name. St. Louis-based May, meanwhile, operates 487 department stores under the Famous-Barr, Filene’s, Foley’s, Hecht’s, Kaufmann’s, Lord & Taylor, L.S. Ayres, Marshall Field’s, Meier & Frank, Robinsons-May, Strawbridge’s and Jones Store names. The company also owns 243 David’s Bridal stores, 452 After Hours Formalwear units and 11 Priscilla of Boston shops in its Bridal Group.