Acacia Research reached out to Kohl's to express interest in bidding for the retailer - sources

Acacia Research

18/01/2022 15:06

(Adds details)
    By Svea Herbst-Bayliss
    BOSTON, Jan 18 (Reuters) - Acacia Research  ACTG.O , which
is backed by activist investor Starboard Value, has reached out
to Kohl's Corp  KSS.N  to express its interest in making a bid
for the retailer, two sources familiar with the matter said.
    Acacia, which buys businesses in sectors such as technology
and healthcare, would likely be the lead investor in a bid with
Starboard backing it, the sources said.
    The outreach comes at a time when hedge fund Macellum
Advisors GP LLC is stepping up pressure on Kohl's to add new
board members and to hire bankers to consider a sale if the
retailer does not improve its business to boost its stock price.
    Kohl's stock price is trading up 1.34%.
    
    
     

 (Reporting by Svea Herbst-Bayliss)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))