‘Takeover hunt for department store giant Kohl’s: $9 billion bid on the table’ | Financial

Insiders report this to Bloomberg news agency. The second-largest department store chain in the United States is under pressure from activist shareholders because it would underperform and the company would be undervalued on the stock exchange.

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The offer comes from a group of investors led by Acacia Research, the sources said. The offer is reported to be $64 per share in cash. That’s 37 percent more than Kohl’s Friday’s closing price on Wall Street. Acacia already has a stake of less than 5 percent in the department store company. Acacia is financially supported by the large investment fund Starboard Value.

Recently, activist investor Macellum Advisors, in a letter to Kohl’s shareholders, urged changes in governance or a sale of the company. Acellum, which also owns nearly 5 percent of the retail business, believes that Kohl’s share price is far too low and that the chain should do more to improve its financial performance.

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