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 [email protected]

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

Alyssa Farah Griffin: ‘The View’ Co-Host is Pregnant With Child #1!

Alyssa Farah Griffin: ‘The View’ Co-Host is Pregnant With Child #1!

Studying Time: 3 minutes The View co-host Alyssa Farah Griffin is pregnant! On ‘The View,’ Alyssa Farah Griffin breaks the…

By Editorial Board 3 Min Read
Man fatally shot throughout argument over lady at gathering at Tuscaloosa storage unit; suspect jailed
Man fatally shot throughout argument over lady at gathering at Tuscaloosa storage unit; suspect jailed

One individual was killed and a number of other others injured in…

2 Min Read
Amy Duggar Describes Studying Grandfather Was a ‘Predator’
Amy Duggar Describes Studying Grandfather Was a ‘Predator’

Studying Time: 4 minutes Amy Duggar King grew up figuring out and…

6 Min Read

Oponion

Todd Chrisley Points First Assertion in Wake of Ridiculous Pardon

Todd Chrisley Points First Assertion in Wake of Ridiculous Pardon

Studying Time: 3 minutes Todd Chrisley sat down for a…

May 30, 2025

Apple Notified State Department Workers That Phones Were Hacked

Apple Inc. last week notified 11…

December 3, 2021

Justin Baldoni Publishes Alleged Messages with Blake Energetic

Studying Time: 4 minutes The Blake…

February 4, 2025

Berlin Film Festival to take place despite pandemic

BERLIN (AP) — The Berlin International…

January 12, 2022

Australia approves extradition of former U.S. Marine for alleged coaching of Chinese language navy pilots

Former U.S. Marine Corps pilot Daniel…

December 23, 2024

You Might Also Like

Shares fall as US-China commerce struggle reignites after Trump threatens tariff hike
Markets

Shares fall as US-China commerce struggle reignites after Trump threatens tariff hike

Home Majority Chief Steve Scalise responds to Chuck Schumer’s shutdown feedback, JD Vance’s viral submit and the toll of the…

6 Min Read
Jamie Dimon warns of main market threat in subsequent few years
Markets

Jamie Dimon warns of main market threat in subsequent few years

CPA and market analyst Dan Geltrude joins ‘Mornings with Maria’ to interrupt down the record-setting rally fueled by synthetic intelligence,…

4 Min Read
Meme inventory mania 2.0
Markets

Meme inventory mania 2.0

Pacer ETFs President Sean O’Hara discusses the advantages of ETFs and lays out his favourite investments on ‘The Claman Countdown.’…

4 Min Read
Traders have fun Japan’s ‘Iron Lady’ election win
Markets

Traders have fun Japan’s ‘Iron Lady’ election win

Federated Hermes CIO Stephen Auth weighs in on Japan's first elected feminine prime minister and provides an concept on what…

3 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?