Kohl's: buyout offers undermine value of business
By ANNE D'INNOCENZIO AP Retail Writer
NEW YORK (AP) — Kohl's says that recent offers to purchase the department store chain undervalue its business, and it is adopting a shareholder rights plan to head off any hostile takeovers.
The shareholder rights plan is effective immediately and expires in a year. The move comes as Kohl's has received multiple buyout offers in recent weeks.
Private equity firm Sycamore Partners had reportedly approached Kohl's about a potential deal last month. A group called Acacia Research, backed by activist hedge fund Starboard Value LP, bid $64 per share, or about $9 billion.
At the time the Menomonee Falls, Wisconsin-based retailer said that its board was reviewing the offers.