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Macellum asks for Kohl’s board seat and for Kohl’s to explore a sale

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Peoria’s Kohl’s is a popular shopping destination.

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Macellum Advisors, an activist hedge fund, has been asking Kohl’sTo sell itself, it now wants at least one spot on the retailer’s board. a letter published Tuesday.

Macellum which holds about 5% Kohl’s stock said it would also like Kohl’s publically to commit to an evaluation of strategic options.

According to filings with the Securities and Exchange Commission, this letter is sent one day after Acacia Research, Starboard Value’s backer, confirmed an all cash offer to purchase Kohl’s for $64 per share (roughly $9 billion).

Sycamore Partners, private equity firm is also planning an all cash offer for Kohl’s at $65 a share sources told CNBC on Sunday.

Kohl’s stock rose 36% to $63.71 on Monday. The market sold off Tuesday and Kohl’s shares fell by about 1% on Tuesday.

Kohl’s stated Monday in a statement that it received interest letters in the acquisition of the business. However, it did not name potential suitors.

CNBC reached Kohl’s for comments on Macellum’s latest letter, but a Kohl’s representative did not immediately reply.

Jonathan Duskin, Macellum’s managing partner wrote that “we believe the best risk-adjusted route forward for shareholders at the moment is a credible process to evaluate the full sale of company at an attractive premium.” “Candidly we don’t believe in the ability of the Board to handle this process by itself.”

Duskin said that his firm could take legal action, or hold another proxy contest, if Kohl’s board attempts chill sales processes.

Macellum and a few other activists are putting pressure on Kohls’ less than a decade after it was founded. reached a deal to add three directors to Kohl’s board.

Macellum’s complete letter here.

—CNBC’s Leslie PickerContributed to the report.

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