THE WHAT? Canadian department store Hudson Bay is said to be bidding for Kohl’s Corp, according to a source for the Wall Street Journal.
THE DETALS Kohl’s is reported to have invited offers by this week, with sources indicating that the company thought it was worth over US $70 per share.
Private equity firm Sycamore Partners is also said to be planning a bid.
Kohl’s shares rose by up to 17 percent to US$62.98, valuing the company at around US$8.76 billion.
THE WHY? Kohl’s is said to be feeling the pressure from activist investors to sell, however, has previously rejected two buyout offers from Sycamore and Starboard Value-backed Acacia Research valuing it at US$64 and US$65 per share.
Responding to Reuters in an email, Kohl’s said, “The board will measure potential bids against a compelling standalone plan.”