Kohl's shares tank on report buyout talks with Franchise Group scrapped

Franchise

01/07/2022 11:47

** Shares of department store chain Kohl's Corp  KSS.N  fall
14.4% to $30.6 premarket, set for an over year-and-a-half low if
losses hold
    ** CNBC reports company has scrapped sale talks with Vitamin
Shoppe owner Franchise Group  FRG.O  (https://cnb.cx/3OR93QI)
    ** Franchise in June offered to pay about $60 per share,
valuing Kohl's at nearly $8 billion  urn:newsml:reuters.com:*:nL4N2XT378
    ** Earlier this month, CNBC reported that FRG was
considering lowering its bid to closer to $50 per share (https://cnb.cx/3bHgYlt)
    ** Up to last close, Kohl's stock down 27.7% this year

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))