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Exclusive-Acacia Research reached out to Kohl’s to express interest in bidding for the retailer

by Mike Robinson

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© Reuters. FILEPHOTO: An Austin Kohl’s department store was seen on January 5, 2017, in Texas. REUTERS/Mohammad Khursheed/File Photo

By Svea Herbst-Bayliss

BOSTON (Reuters] – Acacia Research (backed by Starboard Value), reached out at Kohl’s Corp.

According to sources, Acacia is a company that buys businesses such as healthcare and technology. Starboard will likely back the bid.

This outreach is coming at a moment when Macellum Advisors GP LLC, a hedge fund, is putting more pressure on Kohl’s for new board members as well as bankers to be hired to help with a possible sale if Kohl’s does not improve its business in order to increase its stock price.

The stock price of Kohl is up by 1.34%

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