Kohl’s confirms it has received multiple preliminary buyout offers
Kohl’s on Monday confirmed it has received multiple preliminary offers from parties interested in acquiring the department store chain.
Kohl’s said in a press release the proposals are non-binding and without committed financing. The company’s board of directors has hired bankers at Goldman Sachs to coordinate with bidders.
Hudson’s Bay Company, the Canadian department store operator owned by HBC, is one of the bidders, a person familiar with the talks told CNBC. Reports last week also said private equity firm Sycamore is mulling a bid.
Spokespeople for HBC and Sycamore declined to comment. Kohl’s also declined to comment on interested parties.
The recent heightened interest comes after Kohl’s said an offer from Starboard-backed Acacia Research, at $64 per share, was too low.
Pressure mounted earlier this year from activists including Macellum for Kohl’s to consider selling itself as its share price lagged that of other big-box retailers. The firms argued Kohl’s could unlock more value from its real estate.
Its stock is up about 26% year to date, closing Friday at $62.43.