Kohl's tumbles on report Franchise Group considering lower buyout bid

Franchise

22/06/2022 19:26

** Shares of department store chain Kohl's Corp  KSS.N  down
~10% at $38.23
    ** Franchise Group Inc  FRG.O  is considering lowering its
bid for Kohl's to $50 per share from about $60, CNBC https://www.cnbc.com/2022/06/22/franchise-group-considers-lowering-kohls-bid-closer-to-50-a-share-from-60.html?__source=iosappshare%7Ccom.apple.UIKit.activity.PostToTwitter
 reports citing a person familiar with the deal talks
 urn:newsml:reuters.com:*:nL4N2Y9359
    ** On June 7, KSS entered into exclusive negotiations with
retail store operator Franchise Group over a potential sale of
the department store chain, valuing it at nearly $8 bln
 urn:newsml:reuters.com:*:nL4N2XT38M
    ** Franchise Group and Kohl's did not immediately respond to
Reuters requests for comment
    ** Stock has fallen ~23% this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))