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Macy Delays Decision on Merger Offer: R.H. Macy & Co.’s board postponed action on the offer from Cincinnati-based Federated Department Stores and reiterated its intention to operate as an independent company. Macy, which is reorganizing under Chapter 11 bankruptcy protection, said it continues to be concerned about the possibility of antitrust sanctions if a merger develops. Macy and Federated, which operates the Bloomingdale’s chain, have retail operations in a number of the same cities, including New York. In addition, some Macy bondholders continue to favor a reorganization plan under which Macy would remain independent. If Federated addresses concerns and submits a proposal before July 22, Macy said, it will consider the offer. Macy’s holdings include the Macy’s, Bullock’s and I. Magnin chains.