Kohl's climbs on exclusive talks to sell itself to Franchise Group

Franchise

07/06/2022 10:15

** Kohl's Corp  KSS.N  jumps 15.3% to $47.99 premarket 
    ** Kohl's in exclusive negotiations with retail store
operator Franchise Group Inc  FRG.O  over a potential sale of
the department store chain, valuing it at nearly $8 bln
    ** The offer price of $60/shr is 42% premium to Kohl's
closing price of $42.12 on Monday  urn:newsml:reuters.com:*:nL4N2XT38M
    ** Franchise Group is the owner and operator of retail
stores such as The Vitamin Shoppe and Buddy's Home Furnishings
    ** Cos have entered into a three-week-long exclusive
discussion, they said late on Monday
    ** Private-equity firm Sycamore Partners and J.C. Penney
investors Simon Property Group Inc  SPGS.N  and Brookfield Asset
Management Inc  BAMa.TO  had submitted competing offers for
Kohl's recently  urn:newsml:reuters.com:*:nL2N2XG2LK
    ** KSS shares down 22.5% in the past 12 months vs 2.5% drop
in the S&P 500  .SPX 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))