THE WHAT? Kohl’s share price leapt 36 percent yesterday after reports that the department store chain has received a takeover bid from Sycamore Partners, according to a report published by Reuters.

THE DETAILS The private equity firm is said to have offered some US$9 million for the US retailer, or US$65 per share. Kohl’s confirmed that it has received ‘takeover interest’ but declined to be drawn on the details when contacted by Reuters.

THE WHY? Activist investors have been imploring Kohl’s to pursue a sale following its lackluster performance in the face of stiff competition from digital channels.