WASHINGTON (dpa-AFX) - A group led by Acacia Research Corp., which activist hedge fund Starboard Value LP controls, offered to buy Kohl's Corp. (KSS) ?for $64 per share or about $9 billion in cash, the Wall Street Journal reported citing people familiar with the matter.
The consortium reportedly told the department-store chain it has received assurances from bankers that it would be able to get financing for the bid.
On Tuesday, Macellum Advisors GP, which holds nearly 5% of the outstanding common shares of Kohl's, said that the Board of Kohl's appears unwilling to address the drivers of long-term underperformance. If the Board is unwilling to pursue improvements, it should explore strategic alternatives.
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