Kohl's jumps as bidders look to revise down takeover offers

KSS

25/05/2022 15:23

** Shares of department store chain  KSS.N  up ~15% at
$41.60 after Reuters reports bidders are preparing to revise
down offers 
    ** Firms competing to acquire KSS are preparing to make
offers lower than indicative bids submitted earlier this year to
reflect market downturn and co's deteriorating business,
according to sources familiar with the matter urn:newsml:reuters.com:*:nL2N2XG2LK
    ** Bidders plan to lower their offers by at least 10% to
15%, sources say 
    ** KSS last week cut its full-year profit forecast as
inflation crimps margins and limits consumer spending
 urn:newsml:reuters.com:*:nL3N2XB1YU
    ** Stock down ~24% this year 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))