(Reuters) -Hudson’s Bay, the owner of Saks Fifth Avenue, is considering a bid for Kohl’s Corp, Axios reported on Wednesday, citing sources.
Kohl’s, whose shares rose 5% in early trade, did not immediately respond to Reuters’ requests for comment. Hudson’s Bay also did not respond to an immediate request for comment.
Kohl’s has rejected two separate takeover bids earlier this year, while saying it is in touch with more than 20 parties and has signed confidentiality agreements with some, giving them access to more financial data.
The U.S. department store rejected Sycamore Partners and Starboard Value-backed Acacia Research after they each offered to pay between $64 and $65 a share, valuing the company at around $9 billion.
The company is facing pressure from activist investors Macellum Advisors GP LLC and Engine Capital LP, which have both called on the company to sell itself.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D’Silva)
