Kohl’s has confirmed that multiple suitors are circling it.
Photo: JOSH REYNOLDS/Associated Press
Kohl’s Corp. KSS 36.02% shares soared 30% Monday morning after the department-store chain confirmed multiple suitors are circling it.
Kohl’s confirmed that it received letters expressing interest in acquiring the company and said its board would review them. Kohl’s shares jumped nearly $15 to $61.47 in early trading.
The Wall Street Journal previously reported that a group backed by Starboard Value LP had offered $9 billion, or $64 a share, for the company.
The retail-focused private-equity firm Sycamore Partners approached Kohl’s in recent days and said it could pay around $65 a share, though hasn’t submitted a formal offer, according to people familiar with the matter.
Oak Street Real Estate Capital LLC could also bid for Kohl’s real estate, the Journal has reported.
Write to Cara Lombardo at [email protected] and Suzanne Kapner at [email protected]
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Appeared in the January 25, 2022, print edition as ‘Kohl’s Surges on Takeover Inquiries.’
