Kohl's: Buyout offers undermine value of business
ABC News
Kohl’s says that recent offers to purchase the department store chain undervalue its business
NEW YORK -- Kohl’s says that recent offers to purchase the department store chain undervalue its business and that it is adopting a shareholder rights plan to head off any hostile takeovers.
The shareholder rights plan, known as a “poison pill," is effective immediately and set to expire on Feb. 2, 2023, the company said Friday.
“We have a high degree of confidence in Kohl’s transformational strategy, and we expect that its continued execution will result in significant value creation,” said Kohl’s Chairman Frank Sica in a statement. “The board is committed to acting in the best interest of shareholders and will continue to closely evaluate any opportunities to create value.”
Kohl's has received multiple buyout offers in recent weeks. Private equity firm Sycamore Partners reportedly approached Kohl’s about a potential deal last month. A group called Acacia Research, backed by activist hedge fund Starboard Value LP, bid $64 per share, or about $9 billion.
