Kohl’s Dismisses Takeover Bids as Too Low

Kohl’s Corp has rejected a pair of takeover bids for being too low, and will now work with bankers to find a possible suitor for the company.

As Bloomberg reported Friday (Feb. 4), Sycamore Partners and a potential buyer backed by hedge fund Starboard Value LP had engaged with Kohl’s about a possible sale amid pressure from activist investors to sell the retailer.

It’s not clear what Sycamore would have offered for the chain, but Bloomberg says Acacia Research Corp., the Starboard-backed suitor, had offered $64 a share, or about $9 billion. Read more at PYMNTS.