Kohl's jumps 29% on expected second takeover offer

Acacia Research

24/01/2022 11:10

** Kohl's Corp shares  KSS.N  jump 28.7% to $60.26
premarket, on pace for its best day ever and set to open at over
two-month high
    ** Private equity firm Sycamore Partners is preparing to
make a bid for KSS days after a consortium backed by activist
investment firm Starboard Value proposed buying co, three
sources say  urn:newsml:reuters.com:*:nL1N2U30IJ 
    ** Sycamore's potential offer would value KSS around $9
billion; firm is willing to pay at least $65 a share in cash, a
~39% premium to stock's Friday close
    ** KSS last traded above $65 in May 2019
    ** Acacia Research  ACTG.O , which is backed by Starboard,
earlier offered to pay $64 a share for KSS
    ** Sycamore, Acacia and Kohl's did not respond to requests
for comment
    ** Other department store operators Macy's  M.N  and
Nordstrom  JWN.N  also up 1.6% and 2% respectively
    ** Up to Friday's close, KSS is up 4.6% in the last 12
months, vs. a ~86% gain for M and ~46% drop for JWN

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday  ;))