Kohl's confirms it has received buyout offers
Kohl’s Corporation acknowledged on Monday that its board has received multiple preliminary offers.
Kohl’s said in a press release that the proposals received are non-binding and without committed financing. The board is working with Goldman Sachs to coordinate with select bidders.
As part of the partnership, Goldman Sachs will assist with “further due diligence so that they have the opportunity to refine and improve their proposals and include committed financing and binding documentation,” the company said.
According to multiple sources, Canadian department store operator Hudson’s Bay Co., is one of the bidders. Other brands linked to a bid for the U.S. department store chain include Ted Baker.
Previously, Kohl's rejected buyout offers from Sycamore and Starboard Value-backed Acacia Research, who each offered to pay between $64 and $65 per share, valuing the company at around $9 billion, but Sycamore might still be in the running.
Kohl’s has been evaluating alternatives for its business, as it faces mounting pressure from activist investors to sell itself. First announced in February, Kohl’s has enlisted the Finance Committee of the Board to lead the ongoing review of any expressions of interest.
Kohl’s currently operates more than 1,100 stores in 49 states, as well as Kohls.com and the Kohl's App.
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