Kohl’sMonday, Franchise Group announced that it had entered exclusive negotiations and is offering to purchase the retailer for $60 per Share.

This price would put Kohl’s stock at $8 billion.

Kohl’s stock closed Monday at $42.12, giving Kohl’s a market capitalization of approximately $5.4 billion.

According to an insider, Franchise Group has partnered with Oak Street Real Estate Capital in order to fund the deal primarily through real estate. Because the deal has not been finalized, this person asked for anonymity.

Oak Street Real Estate’s representative declined to comment.

Approval of the transaction by both boards of directors is required Kohl’s said in a press release. According to it, there’s no guarantee of any agreement.

The exclusive period of three weeks will allow Franchise Group — which owns the Vitamin Shoppe and Buddy’s Home Furnishings, among other brands — and its financing partners to finalize due diligence and financing arrangements, and for the parties to complete the negotiation of binding documentation, Kohl’s said.

Retailer added that they will not comment on the matter until an agreement has been reached, or the talks are ended.

Kohl’s’s story has been a fascinating one. playing out for more than half a year.

First was the off-mall departmental store chain urged in early December 2021 by New York-based hedge fund Engine Capital to consider a saleor another option to increase its stock price. Kohl’s shares traded at around $48.45 that day.

Macellum Advisors, an activist hedge fund, pressured Kohl in January. to consider a sale. Macellum’s CEO, Jonathan Duskin, argued that executives were “materially mismanaging” the business. Duskin also stated that Kohl’s still had a lot of potential with its real property.

Kohl’s stated in early February that bankers from Goldman Sachs and PJT Partners had been hired by the retailer to assist with negotiating offers.

The last month Kohl’s reported that its sales for the three-month period ended April 30From $3.89 billion 2021, it fell to $3.72 trillion. Investors were disappointed by the company’s revenue and profit forecast for full fiscal year. This muddies the picture and makes it difficult to make a deal.

In late January, Kohl’s stock reached a 52 week high of $64.38