(Reuters) -U.S. department store Kohl’s Corp said on Monday it was reviewing multiple preliminary offers to acquire the company as part of an ongoing review of the sale of its business.
Canadian department store chain Hudson’s Bay Co is bidding for Kohl’s, a source familiar with the matter told Reuters last week.
The company had previously rejected buyout offers from Sycamore and Starboard Value-backed Acacia Research, with each offering to pay between $64 and $65 per share, valuing the company at around $9 billion.
Kohl’s, which is facing pressure from activist investors to sell itself, said the proposals received are non-binding and without committed financing.
Activist hedge fund Macellum Advisors, which owns roughly 5% of Kohl’s stock, said in February it is seeking to take control of the company’s board and has nominated 10 directors while criticizing the retailer for not doing enough to improve its business.
Kohl’s, in a letter to shareholders on Monday, urged them to vote for in favor of all its nominees and believes Macellum’s efforts to take control of the company are “unjustified and unwarranted and highly concerning.”
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri)
