Kohl’s Corp. said it has authorised Goldman Sachs Group Inc. to coordinate with select bidders for the retailer so they can “refine and improve” their offers with proof of financing and binding documentation.
Kohl’s said in a statement Monday that it has received multiple preliminary indications of interest that are non-binding and don’t have committed financing. Separately, the company told shareholders that the board’s review of alternatives and dialogue with potential bidders will be weighed against the potential value that could be created under its standalone plan.
The Menomonee Falls, Wisconsin-based retailer said earlier this month that Goldman, its financial adviser, had talked with more than 20 potential buyers. Kohl’s said in February that it had rejected takeover offers it had received as too low, including a $64-a-share offer from Acacia Research Corp., backed by hedge fund Starboard Value LP. The stock hasn’t traded above $65 in almost three years.
The company’s actions have drawn the attention of activist investor Macellum Capital Management, which is seeking to take control of Kohl’s board. On Monday, Kohl’s told shareholders that directors nominated by Macellum are less qualified than those the retailer has proposed, and that the activist’s efforts are “unjustified and unwarranted and highly concerning given Macellum’s intentions to engineer short-term financial actions that could damage the long-term future of the company.”
Learn more:
Report: Hudson’s Bay Considers Bid for Kohl’s
Canadian retailer Hudson’s Bay, the owner of Saks Fifth Avenue, is considering a bid for US department store operator Kohl’s Corp, Axios reported, citing sources.
