Kohl's has entered exclusive talks with retail store operator Franchise Group over a proposed deal to buy the department store chain for $60 per share.
"The purpose of the exclusive period is to allow FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation," the release continued.
The deal is subject to approvals of the boards of directors for both companies, and there is no guarantee that an agreement will be reached. "Kohl’s Board of Directors remains focused on selecting the path that maximizes value for all Kohl’s shareholders," the release stated. Several bidders, including private-equity firm Sycamore Partners and J.C. Penney investors Simon Property Group Inc and Brookfield Asset Management Inc had submitted competing offers for Kohl's recently.The department store chain has been pressured to consider selling the company since December 2021, when hedge fund Engine Capital recommended a sale or another alternative toHedge fund Macellum Advisors in mid-January then called on Kohl’s to consider a sale.
And in February, Kohl’s revealed it had brought on bankers from Goldman Sachs and PJT Partners to help evaluate proposals.
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