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Kohl’s confirms it has received multiple preliminary buyout offers

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A Kohl’s logo appears on the exterior of a Kohl’s Store in San Rafael, California on January 24, 2022.

Justin Sullivan | Getty Images

Kohl’sIt was confirmed Monday that the Department Store Chain has been offered multiple offers by interested parties.

Kohl’s announced in a statement that they are not binding on the offers and do not have committed funding. To coordinate bidders, the company’s board has appointed Goldman Sachs bankers.

A person who was familiar with the negotiations told CNBC that Hudson’s Bay Company (a Canadian operator of department stores) is among the bidders. Reports last week also saidPrivate equity firm Sycamore is considering a bid.

Sycamore spokespeople and HBC spokespersons declined to comment. Kohl’s declined to comment about interested parties.

After Kohl’s made an offer by Acacia Research (Starboard-backed Acacia Research), at $64 a share, the recent interest grew. was too low.

Activists put pressure on activists earlier in the year. including Macellum for Kohl’s to consider selling itselfBecause its share price was lower than that of large-box retailers. They argued Kohl’s might unlock more value through its real estate.

The stock has risen by 26% over the past year, and closed Friday at $62.43.

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