Arkhouse Management is nominating nine people for Macy’s board of directors, igniting a proxy battle after the department store operator rejected a $5.8 billion takeover offer from the investment firm and Brigade Capital Management.

Arkhouse and Brigade had offered $21 for each of the remaining shares in Macy’s they don’t already own. Macy’s said at the time that its board reviewed the investment firms’ proposal and not only had concerns about the financing plan, but also felt there was a “lack of compelling value.”

Macy’s Inc. said Tuesday that it had been seeking additional financing information from Arkhouse and Brigade to possibly advance talks with its board.

“Arkhouse and Brigade have yet to provide any financing details that would enhance the actionability of their proposal despite multiple opportunities to do so, and instead of attempting a constructive dialogue, Arkhouse has chosen to launch a proxy contest,” Macy’s said in a statement.

Walmart to acquire Vizio for $2.3B

Walmart is buying the smart TV maker Vizio for $2.3 billion as it attempts to expand its rapidly growing advertising business to compete with Amazon.

If completed, the deal would give Walmart access to Vizio’s SmartCast operating system, allowing the retail behemoth to offer its suppliers the ability to display ads on streaming devices.

Walmart has been ramping up its media and ad business with Walmart Connect, giving advertisers access to Walmart’s massive customer base. In its earnings release on Tuesday, Walmart said its global advertising business grew approximately 28% to $3.4 billion last year.

The moves come as Amazon announced last month it would start charging its Prime members $2.99 per month to keep their movies and TV shows ad-free, on top of the fee it charges for Prime: $14.99 per month or $139 per year.