POTENTIAL DEAL DETAILS
|Date Announced||12/05/2021||Source||Wall Street Journal|
December 9, 2021: Activist hedge fund Macellum Advisors GP LLC is planning to nominate directors to Kohl’s Corp’s (KSS) board because it believes the U.S. retailer has not done enough to improve its business, two people familiar with the matter said.
January 17, 2022:Activist hedge fund Macellum Advisors GP LLC with roughly 5% stake has been in talks with retailer and believes it has suitors.
January 18, 2022: Kohl’s Corp (KSS) has been approached by a potential buyer, sources said, as the department store came under fresh pressure from an activist hedge fund to explore strategic options if it does not find a way to boost its stock price.
January 18, 2022: Acacia Research (ACTG), which is backed by activist investor Starboard Value, has reached out to Kohl’s Corp (KSS) to express its interest in making a bid for the retailer, two sources familiar with the matter said.
January 23, 2022: The latest potential takeover offer comes from Sycamore Partners, which has reached out to Kohl’s (KSS) about a deal, according to people familiar with the matter, just days after another bidder emerged with a $9 billion bid backed by hedge fund Starboard Value LP.
January 24, 2022: Kohl’s Corporation (KSS) confirmed that it has received letters expressing interest in acquiring the Company.
February 4, 2022: The Kohl’s (KSS) Board of Directors has determined, following a review with its independent financial advisors that the valuations indicated in the current expressions of interest that it has received do not adequately reflect the Company’s value in light of its future growth and cash flow generation. The Board (KSS) will continue to closely evaluate any opportunities to create value.
Kohl’s also announced that it has adopted a limited-duration shareholder rights plan, which is effective immediately and is scheduled to expire on February 2, 2023.
February 4, 2022: Activist investor Macellum Capital Management plans to nominate a slate of directors at Kohl’s Corp. (KSS) in an attempt to take control of the retailer’s board, according to people familiar with the matter.
February 10, 2022: Activist investor Macellum Capital Management has nominated 10 directors in an effort to take control of Kohl’s Corp.’s board, (KSS) arguing the retailer’s leadership “appears to be botching a sale process.” In response, the company said Macellum’s efforts are counterproductive.
March 8, 2022: Kohl’s Corp.’s (KSS) financial adviser Goldman Sachs Group Inc. has engaged with more than 20 potential buyers, including various financial sponsors, fellow retailers, and real-estate-focused investors, the company said in a regulatory filing.
March 16, 2022: Private-equity firm Sycamore Partners and Canada’s Hudson’s Bay plan to submit takeover bids for Kohl’s Corp. that could value Kohl’s (KSS) above $9 billion, according to people familiar with the matter.
March 21, 2022: Kohl’s Corp. (KSS) acknowledged receipt of multiple preliminary indications of interest. The proposals received are non-binding and without committed financing.
March 31, 2022: Kohl’s Corporation (KSS) mailed a letter to shareholders detailing the steps the Board has taken to maximize shareholder value, including the robust and intentional process to evaluate potential bids.
April 12, 2022: Franchise Group Inc (FRG), owner and operator of retail stores such as The Vitamin Shoppe and Buddy’s Home Furnishings, has entered the race for Kohl’s Corp (KSS) with a $9 billion indicative offer, three people familiar with the matter said.
Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.