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 Rejects $9 Billion Takeover Bid, Adopts Poison Pill
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 Rejects $9 Billion Takeover Bid, Adopts Poison Pill
Markets

Kohl’s Rejects $9 Billion Takeover Bid, Adopts Poison Pill

Editorial Board Published February 4, 2022
Share
Kohl’s Rejects  Billion Takeover Bid, Adopts Poison Pill
SHARE

Kohl’s Corp. KSS 1.88% rejected a $9 billion takeover offer by an activist group for being too low, but said it would review other expressions of interest in the department-store chain.

The company also adopted a shareholder-rights plan, also known as a poison pill, that makes it difficult for an activist group to acquire more than 10% of the company. Kohl’s said the plan, which will be in effect for a year, will allow the board to conduct an orderly review of potential offers.

“We have a high degree of confidence in Kohl’s transformational strategy, and we expect that its continued execution will result in significant value creation,” said Kohl’s Chairman Frank Sica.

Jonathan Duskin, the manager partner of Macellum Advisors GP LLC, which owns nearly 5% of Kohl’s outstanding shares and has urged the company to consider a sale, said he was disappointed by the company’s “hasty rejection.” He questioned whether a group backed by activist hedge fund Starboard Value LP was given access to management, data rooms and other information that would have allowed it to sweeten its offer.

“This morning’s rejections—which come just two weeks after outreach from potential acquirers—only validates for us that a majority of the board is entrenched and lacks objectivity when it comes to evaluating value-maximizing sale opportunities relative to management’s historically ineffective stand-alone plans,” he said. Macellum plans to nominate directors in coming days who will be more open minded to value-enhancing opportunities, Mr. Duskin said.

Kohl’s received an offer from the Starboard group in January. The offer represented a 37% premium to Kohl’s share price at the time. Kohl’s shares were up 1.9% at $59.72 in early-afternoon trading Friday.

The private-equity firm Sycamore Partners also recently approached Kohl’s and said it could pay around $65 a share, though it hasn’t submitted a formal offer, according to people familiar with the matter. Oak Street Real Estate Capital LLC is a possible bidder for Kohl’s real estate, The Wall Street Journal has reported.

The Kohl’s board has formed a committee of independent directors to review its options and has hired Goldman Sachs GS 2.43% and PJT Partners as advisers.

Kohl’s has repeatedly been the target of activists in the past year, despite efforts by the company’s chief executive to boost performance. CEO Michelle Gass has forged partnerships with Amazon.com Inc. AMZN 13.54% and Sephora, brought in new brands and beefed up its loyalty program.

She also overhauled the merchandise, dropping poorly performing brands such as Dana Buchman, and bringing in new ones, including Tommy Hilfiger, Eddie Bauer and Cole Haan. She expanded the selection of activewear from brands such as Nike Inc., NKE 0.06% Adidas AG and Under Armour Inc. UA 1.67%

Yet, the retailer’s stock price had languished before the recent takeover interest.

Write to Suzanne Kapner at Suzanne.Kapner@wsj.com

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

Appeared in the February 5, 2022, print edition as ‘Kohl’s Rejects $9 Billion Activist Bid.’

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Powell Designated Fed ‘Chair Pro Tempore’ as He Awaits Confirmation Powell Designated Fed ‘Chair Pro Tempore’ as He Awaits Confirmation
Next Article U.S. Added 467,000 Jobs in January U.S. Added 467,000 Jobs in January

Editor's Pick

JPMorgan unveils its 2025 summer season studying record

JPMorgan unveils its 2025 summer season studying record

JPMorgan Chase Chairman and CEO Jamie Dimon on the significance of management abilities, deregulation coverage, power independence and the Federal…

By Editorial Board 4 Min Read
Man shot and killed on one hundredth Avenue in Oakland on Saturday
Man shot and killed on one hundredth Avenue in Oakland on Saturday

Oakland police are investigating the loss of life of a person, 34,…

1 Min Read
Japan to Start Medical Trials for Synthetic Blood This 12 months
Japan to Start Medical Trials for Synthetic Blood This 12 months

credit score – Adrian Sulyok on Unsplash Japan is the primary nation…

4 Min Read

Oponion

Biden has develop into notably quiet after the 2024 election and Democrats’ loss

Biden has develop into notably quiet after the 2024 election and Democrats’ loss

By AAMER MADHANI and COLLEEN LONGWASHINGTON (AP) — President Joe…

November 21, 2024

Michelle Duggar Was There For Virtually All 37 Grandbaby Births

Studying Time: 3 minutes Michelle Duggar…

April 24, 2025

Lou Trivino, out of MLB since 2022, earns SF Giants’ ultimate bullpen spot

SAN FRANCISCO — Three years since…

March 26, 2025

Past the Smoke: Stunning Information About Hashish You Didn’t Know

Hashish, generally referred to as marijuana,…

March 27, 2025

401(okay) balances hit second highest on document: Constancy

Ramsey Options monetary skilled George Kamel…

February 27, 2025

You Might Also Like

Elon Musk’s return drives Tesla inventory surge in Might
Markets

Elon Musk’s return drives Tesla inventory surge in Might

As President Donald Trump thanked Elon Musk for his service to DOGE, he additionally highlighted what he described as his…

5 Min Read
EV tax credit score elimination: What it may imply for Tesla and the US auto trade if it ends
Markets

EV tax credit score elimination: What it may imply for Tesla and the US auto trade if it ends

Automotive knowledgeable Lauren Repair mentioned discusses the affect that the One Huge Lovely Invoice Act may have on Tesla. The…

5 Min Read
Boeing paying .1B as DOJ dismisses prison fraud case; households of victims in crashes set to object to deal
Markets

Boeing paying $1.1B as DOJ dismisses prison fraud case; households of victims in crashes set to object to deal

President Donald Trump chosen the aerospace large to construct the Subsequent-Era Air Dominance Platform, which he mentioned would be the…

5 Min Read
GM CEO backs Trump’s auto tariffs as a device to assist US producers
Markets

GM CEO backs Trump’s auto tariffs as a device to assist US producers

Basic Motors Chair and CEO Mary Barra discusses the impact of auto tariffs and constructing the enterprise on 'The Claman…

5 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?