Kohl’s confirmed on Monday that it has been approached about a possible sale of the department store chain, reported the Washington Post.
The company would not comment further, but its confirmation follows media reports that private equity firm Sycamore Partners had approached Kohl’s about a potential deal. Days earlier, a group called Acacia Research, backed by activist hedge fund Starboard Value, reportedly bid $64 a share, or about $9 billion.
The reported offers come just a week after activist hedge fund Macellum Advisors released a letter urging Kohl’s to explore strategic options, including a sale, if the chain doesn’t take action to improve its business and increase its stock price.
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