Kohl's jumps on report of $8.6 bln buyout offer from JCPenney owners

KSS

25/04/2022 17:59

** U.S. department store's shares  KSS.N  up more than 3% at
$59.32 
    ** The New York Post reports https://nypost.com/2022/04/25/jcpenney-owners-offer-to-buy-archrival-kohls-for-8-6b/?utm_campaign=SocialFlow&utm_source=NYPTwitter&utm_medium=SocialFlow
 that rival JCPenney's owners offered to buy KSS for $8.6 bln,
citing sources close to the talks
    ** Mall operator Simon Property Group  SPG.N  and
Canada-based Brookfield Asset Management, which together own
JCPenney, have offered to acquire KSS for $68 a share, the
report https://nypost.com/2022/04/25/jcpenney-owners-offer-to-buy-archrival-kohls-for-8-6b/?utm_campaign=SocialFlow&utm_source=NYPTwitter&utm_medium=SocialFlow
 says
    ** Offer price would represent a premium of ~19% to KSS'
Friday close of $57.36
    ** If the sale is complete, JCPenney owners would continue
to maintain two separate brands while streamlining operations
and cutting costs, the report adds, citing one "well-placed"
source 
    ** The plan for KSS is to slash costs by $1 bln over the
next three years, the source said
    ** SPG, Brookfield Asset Management and KSS did not
immediately respond to Reuters requests for comments
    ** Shares of KSS, which adopted a poison pill following
multiple takeover bids earlier this year, up ~19% YTD

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