Franchise Group mulls lowering bid for Kohl's closer to $50 per share - CNBC (updated)

Franchise

22/06/2022 19:23

(Adds details, background, shares)
    June 22 (Reuters) - Franchise Group  FRG.O  is considering
lowering its bid for department store chain Kohl's Corp  KSS.N 
to closer to $50 per share from about $60 apiece, CNBC reported
on Wednesday, citing a source familiar with the deal talks. 
    Shares in Kohl's fell more than 10% after the report. 
    Franchise is considering whether buying Kohl's is the best
use of the Vitamin Shoppe owner's capital, according to the
report.
    Kohl's and Franchise Group did not immediately respond to
Reuters requests for comment.
    Earlier this month, Kohl's entered into exclusive
negotiations with Franchise over a potential sale of the
retailer, valuing it at nearly $8 billion.  urn:newsml:reuters.com:*:nL4N2XT38M
    Franchise, which also owns and operates the Buddy's Home
Furnishings retail chain, was in talks to keep the Kohl's top
management team, including its Chief Executive Michelle Gass,
Reuters reported on Tuesday.  urn:newsml:reuters.com:*:nL1N2Y82X3
    

 (Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj
Kalluvila and Aditya Soni)
 ((DeborahMary.Sophia@thomsonreuters.com;))