This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Kohl’s Gets $9 Billion Bid From Starboard Group
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Kohl’s Gets $9 Billion Bid From Starboard Group
Markets

Kohl’s Gets $9 Billion Bid From Starboard Group

Editorial Board Published January 22, 2022
Share
Kohl’s Gets  Billion Bid From Starboard Group
SHARE

A consortium backed by activist hedge fund Starboard Value LP has offered roughly $9 billion to buy department store Kohl’s Corp. KSS -2.60% , according to people familiar with the matter.

A group led by Acacia Research Corp., which Starboard controls, offered to buy the department-store chain for $64 a share in cash Friday, the people said. It told the company it has received assurances from bankers that it would be able to get financing for the bid, the people said.


Newsletter Sign-up

Deals Alert

Major news in the world of deals and deal-makers.


There are no guarantees that the group will ultimately line up all the funding needed and make a firm offer or that Kohl’s will be receptive. Other suitors may emerge too.

Kohl’s shares closed at $46.84 Friday. The bid represents a 37% premium.

Based in Menomonee Falls, Wis., Kohl’s has been under pressure to boost its share price, which rose early last year but is little changed from roughly two decades ago. Two activist shareholders—Macellum Advisors GP LLC and Engine Capital LP—have recently called on the company to explore selling itself.

Kohl’s said earlier this week that its strategy is producing results and that its board “regularly works with specialized advisers to evaluate paths that have the potential to create long-term value.” It said it plans to unveil its strategic plans at an investor day in March.

Little-known Acacia has a market value of just $215 million, but the consortium told Kohl’s it received what is known as a “highly confident” letter from a bank asserting that it will be able to attain a debt-financing package for a portion of the bid, the people said. While such letters are no guarantee, they can be a meaningful vote of confidence.

Led by Chief Executive Jeff Smith, Starboard Value is one of the most visible activist investors.

Photo: Christopher Goodney/Bloomberg News

Other details of the consortium’s proposal—and who is in the group—couldn’t be determined. Reuters reported earlier this week that Acacia was exploring a possible bid for Kohl’s.

Should it succeed, the group could aim to sell the company’s real estate to another party, which could make pulling off the transaction easier. Activists have proposed that Kohl’s explore sale-leasebacks of its real estate, which they have estimated could be worth $7 billion or more.

Macellum said in an open letter to Kohl’s shareholders Tuesday it has been pushing the company to add additional directors with retail experience or to hire bankers to explore a sale.

Before Starboard invested in the firm and joined its board in 2019, Acacia was primarily a holding company for patents. It now focuses on buying and improving companies. In October, it bought privately held Printronix Holding Corp., a manufacturer of line matrix printers, for $33 million, and it has made offers for other companies including Comtech Telecommunications Corp.

Starboard, led by Chief Executive Jeff Smith, is one of the most visible activist investors. It holds seats on the boards of companies including Papa John’s International Inc. and NortonLifeLock Inc.

Write to Cara Lombardo at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the January 22, 2022, print edition as ‘Group Offers To Buy Kohl’s for $9 Billion.’

Contents
Newsletter Sign-upDeals AlertLed by Chief Executive Jeff Smith, Starboard Value is one of the most visible activist investors.
TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Two Canadian Tourists Killed, Another Wounded at Mexican Resort Hotel Two Canadian Tourists Killed, Another Wounded at Mexican Resort Hotel
Next Article The Nanotechnology Revolution Is Here—We Just Haven’t Noticed Yet The Nanotechnology Revolution Is Here—We Just Haven’t Noticed Yet

Editor's Pick

Diane Keaton Reason behind Demise: Hollywood Legend Passes Away at 79

Diane Keaton Reason behind Demise: Hollywood Legend Passes Away at 79

Studying Time: 2 minutes Display screen legend Diane Keaton has handed away on the age of 79. Diane Keaton attends…

By Editorial Board 3 Min Read
Who’s Adelita Grijalva and what’s the controversy over her being sworn in to Congress?
Who’s Adelita Grijalva and what’s the controversy over her being sworn in to Congress?

Democrats are ramping up the stress on Home Speaker Mike Johnson to swear in…

8 Min Read
The Amazfit T-Rex 3 Professional Is Like a Low cost Garmin That Does not Work
The Amazfit T-Rex 3 Professional Is Like a Low cost Garmin That Does not Work

Every little thing. Every little thing concerning the consumer expertise is the…

2 Min Read

Oponion

Why Whoopi Goldberg’s Leaving ‘The View’ After Current Adjustments

Why Whoopi Goldberg’s Leaving ‘The View’ After Current Adjustments

Is Whoopi Goldberg leaving The View after 14 years? From…

November 13, 2024

Supreme Court Gives Tech Industry Reprieve From Texas Social-Media Law

The Supreme Court on Tuesday blocked…

May 31, 2022

Are closing California prisons an answer for county jail disaster? Some jail guards assume so.

By Aidan McGloin, CalMatters Correctional officers…

September 18, 2025

Miss Manners: Don’t they know that work electronic mail isn’t non-public?

1. The response, “I never check…

April 18, 2025

As shutdown looms, fringe Republican received’t let go of punishing Democrat

To nobody’s shock, Home Republicans can’t…

March 10, 2025

You Might Also Like

Nestle to chop 16,000 jobs as a part of value financial savings initiative
Markets

Nestle to chop 16,000 jobs as a part of value financial savings initiative

HHS Secretary Robert F. Kennedy Jr. discusses efforts to section out petroleum-based artificial dyes within the nation's meals provide on…

4 Min Read
GM takes .6B monetary hit as EV tax credit score adjustments power technique overhaul
Markets

GM takes $1.6B monetary hit as EV tax credit score adjustments power technique overhaul

Energy the Future founder Daniel Turner discusses the Trump administration suing California over its truck emissions requirements and EV mandates…

4 Min Read
ETF race hits T at document velocity
Markets

ETF race hits $1T at document velocity

Traders are plowing cash right into a broad swath of belongings placing the ETF trade within the driver’s seat of…

5 Min Read
JPMorgan lifts curiosity earnings forecast after revenue beats estimates
Markets

JPMorgan lifts curiosity earnings forecast after revenue beats estimates

Catalyst Capital Advisors co-founder and CIO David Miller dissects 'highly effective earnings progress' and extra as markets rally on easing commerce…

6 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?