Kohl’s Corp shares soared 36% on Monday after a Reuters report that private equity firm Sycamore Partners had approached the department store chain with a potential takeover offer of $9 billion.
A source said on Sunday Sycamore was willing to pay at least $65 per share, implying a 39% premium to the last closing price. Starboard Value-backed Acacia Research last week offered to pay $64 a share.
Kohl’s confirmed on Monday it had received letters expressing takeover interest, adding the board would take action that is in “the best interests of the company and its shareholders.” It did not name the suitors.
Source: Reuters
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