Kohl’s: Buyout offers undermine value of business

Kohl’s says that recent offers to purchase the department store chain undervalue its business.

It says it is adopting a shareholder rights plan to head off any hostile takeovers.

The shareholder rights plan is effective immediately and expires in a year.

The move comes as Kohl’s has received multiple buyout offers in recent weeks.

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Private equity firm Sycamore Partners had reportedly approached Kohl’s about a potential deal last month.

A group called Acacia Research, backed by activist hedge fund Starboard Value LP, bid $64 per share, or about $9 billion.

At the time the retailer based in Menomonee Falls, Wisconsin, said that its board was reviewing the offers.

Source: TMJ4

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