Kohl’s (NYSE:KSS) on Monday confirmed it has received multiple preliminary offers from parties interested in acquiring the department store chain.
Kohl’s said in a press release the proposals are non-binding and without committed financing. The company’s board of directors has hired bankers at Goldman Sachs to coordinate with bidders.
Hudson’s Bay Company (TSX:HBC) , the Canadian department store operator owned by HBC, is one of the bidders. Reports last week also said private equity firm Sycamore is mulling a bid.
Spokespeople for HBC and Sycamore declined to comment. Kohl’s also declined to comment on interested parties.
The recent heightened interest comes after Kohl’s said an offer from Starboard-backed Acacia Research, at $64 per share, was too low.
Pressure mounted earlier this year from activists including Macellum for Kohl’s to consider selling itself as its share price lagged that of other big-box retailers. The firms argued Kohl’s could unlock more value from its real estate.
Its stock is up about 26% year to date, closing Friday at $62.43. It began trading Monday up 47 cents to $62.90.
Related Stories
