Kohl’sAccording to Friday’s statement, the company believes recent takeover offersFollowing a review of independent financial advisors, it was determined that the company undervalues its business in relation to future growth or cash flow generation.

According to the retailer, it also stated that it has created a shareholder rights plan (also called a “poison tablet”) to prevent hostile takeovers. This plan takes effect immediately, and will expire in February 2023.

In premarket trading, Kohl’s shares fell more than 2%

Kohl’s stated that the valuations it received in current expressions are not adequate to reflect its value given future growth and cash flow generation. in a statement.

Acacia Research, which is backed by Starboard Value, made a $64 per share offer for Kohl’s last month. It valued the company at $9 billion. According to people who were familiar with it, Sycamore Partners, private equity firm was considering an offer of $65 per share.

Macellum Advisors is an activist hedge fund has also been asking Kohl’s to consider selling itselfand would like at least one spot on the retailer’s board.

Kohl’s stated Friday that its board will continue to maximize long-term shareholder value. It will also review opportunities Kohl’s feels will help it “credibly increase value consistent with the company’s performance” and other future possibilities.

A designated finance committee was established to review any potential expressions of interest. They are working together with Goldman Sachs, PJT Partners in these efforts.

Kohl’s announced that they will give more information on their initiatives during the investor day, which is scheduled for March 7.

Read the full press release from Kohl’s here.

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