Kohl's Corp (NYSE:KSS) is trading significantly higher Monday morning following media reports suggesting multiple funds are interested in acquiring the company.
Starboard Value-backed Acacia Research offered to pay $64 per share for Kohl’s, according to a CNBC report, citing people familiar with the proposals.
Just two days later, private equity firm Sycamore topped Acacia's offer when it said it was willing to pay at least $65 per share for Kohl’s, implying nearly a 40% premium over the stock's last closing price.
Kohl's announced today that it received letters expressing interest in acquiring the company, confirming the reports. The company said its board of directors will determine the course of action that it believes is in the best interest of Kohl's and its shareholders.
Last week, Macellum Advisors issued a letter to Kohl's shareholders urging the company to make changes to its board of directors or explore a sale if it's unable to make other changes to boost its stock price.
From Last Week: Why Kohl's Shares Are Rising Today
KSS Price Action: Kohl's has traded as low as $42.68 and as high as $64.80 over a 52-week period.
The stock was up 31.9% at $61.77 at time of publication.
Photo: Mike Mozart from Flickr.
