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Kohl’s shares surge amid at least 2 takeover offers: Reports

Kohl’s dropping Black Friday deals throughout whole month
Posted at 7:23 AM, Jan 24, 2022
and last updated 2022-01-24 11:52:09-05

MENOMONEE FALLS — The shares of Menomonee Falls-based Kohl's skyrocketed Monday morning as the department store considers takeover offers from at least two companies.

Kohl's shares jumped more than 34 percent during premarket trading. According to CNBC, the private equity firm Sycamore is offering at least $65 per share, citing people who requested anonymity due to negotiations being private.

This bid comes days after Acacia Research, backed by investment firm Starboard Value, offered to pay $64 per share for Kohl’s.

CNBC reports both Sycamore and Acacia would likely sell off Kohl’s real estate.

Kohl’s confirmed in a statement Monday that they have received letters expressing interest in acquiring the company, writing:

"The Kohl’s Board of Directors will determine the course of action that it believes is in the best interests of the Company and its shareholders. Shareholders are not required to take any action at this time.

Kohl’s does not intend to further comment publicly on these matters unless it determines it is in the best interests of shareholders to do so."

Kohl's has experience a rise in interest from activist investors recently, as investors have become disappointed by the retailer's falling performance of its stock, according to Barrons.

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