U.S. department store Kohl’sPrivate equity firm Sycamore partners is set to submit a second bid for the purchase of the company. The offer comes only days after the consortium led by Starboard Value offered the acquisition, according to three people familiar with the matter.

One source claims that Sycamore Partners reached out to Kohl’s in regards to a possible offer for the company, which would be worth around $9 billion. According to a source, Sycamore Partners is prepared to offer cash at least $65 per share for the company.

This news is two days after Acacia Research (backed by Starboard) offered $64 per share for Kohl’s. Last week, Reuters reported that Acacia reached out to Kohl’s to discuss a possible takeover.

Sources said that there is no guarantee that Sycamore Partners will submit a bid, or that Acacia will agree to a deal. Bloomberg reported Sycamore Partners’ interest in Sunday, while the Wall Street Journal published Acacia’s bid Friday.

Reps from Sycamore Acacia, Kohl’s and Acacia did not respond immediately to inquiries for comment.

Sycamore’s investment in Kohl’s demonstrates investors’ ongoing interest in retail and the difficulties that brick-and-mortar retailers face as the pandemic has mostly prompted customers and their buying decisions to switch to online stores.

Kohl’s is under constant pressure from activist investors to improve their performance for about a full year. This has made them more unhappy in recent weeks following a 5% increase in share prices in the previous year.

Macellum Advisors an activist investor that owns 5% Kohl’s stock told Kohl’s last week to look into strategic options including selling and also warned the company it would nominate directors for its board. Last year, activist firm Engine Capital stated that it wanted Kohl’s board to be open to the possibility of a sale.

Macellum is under new pressure less than one year after the settlement in which Kohl’s added three directors to its board. Macellum called 2021 “another loss year” for Kohl’s, and criticised the 22% decline in stock prices between April and last week.

Kohl’s stated last week that its strategy is producing results and that management and board are “refusing to be distracted” by delivering better results for investors.

Acacia and Starboard said Acacia and Starboard would work closely with Oak Street Real Estate Capital in order to sell Kohl’s real property holdings and raise more capital. Kohl’s is opposed to the sale of leasebacks on its real estate.