(Reuters) – Shares in Kohl’s Corp (NYSE) rose 29% on Monday premarket after Reuters reports that Sycamore Partners, a private equity firm, reached out late Sunday to inquire about a possible $9 billion offer for the chain of department stores.

Reuters was told by a source that Sycamore would pay $65 per share to Kohl’s. This implies a 39% premium over the last close. Two days earlier, activist investment firm Starboard Value had offered $64 per share to Acacia Research.

Kohl’s may warrant a per-share price of $70 to $80 based upon its retail operations. Credit Suisse In a note to a client, Michael Binetti (SIX) wrote about analyst Michael Binetti.

KSS is a poor-priced asset. KSS has a high FCF (free money flow), which is why it’s not getting credit from the market. Citi analyst Paul Lejuez stated that KSS was a reasonable asset to price.

According to Reuters, Acacia and Starboard will likely collaborate with Oak Street Real Estate Capital in order to sell Kohl’s real property holdings and raise more capital to make a deal. Kohl’s opposed sale-leasebacks.

J.P. Morgan analysts stated that Kohl owns 35% of the real estate in his portfolio, and brokerage Credit Suisse put Kohl’s total estate worth at approximately $6.4 Billion.

According to Refinitiv. Kohl’s is valued at $6.52Billion.

The activist investors Macellum Advisors, Engine Capital and Engine Capital are urging the chain to improve for approximately a year. This has made their unhappiness more apparent in recent weeks.

Kohl’s is like Macy’s Inc, NYSE:), and other department store peers. Nordstrom Inc (NYSE:), had been losing market share to offprice chains, online-centric competitors and off-price chain stores. However, analysts have lauded its decision to team up with PVH Corp (NYSE.)’s Calvin Klein.