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Kohl’s gets $9 billion bid from Starboard Value Group
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A consortium backed by activist hedge fund Starboard Value LP has offered roughly $9 billion to buy department store Kohl's Corp., according to people familiar with the matter.
A group led by Acacia Research Corp., which Starboard controls, offered to buy the department-store chain for $64 a share in cash Friday, the people said. It told the company it has received assurances from bankers that it will be able to get financing for the bid, the people said.
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There are no guarantees the group will ultimately line up all the funding needed and make a firm offer, or that Kohl's will be receptive. Other suitors may emerge too. But Kohl's shares closed at $46.84 Friday, so the bid represents a 37% premium.
Menomonee Falls, Wis.-based Kohl's has been under pressure to boost its share price, which rose early last year but is little changed from roughly two decades ago. Two activist shareholders — Macellum Advisors GP LLC and Engine Capital LP — have recently called on the company to explore selling itself.
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