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Hudson’s Bay and Sycamore Partners Bid for Kohl’s Corp.

The U.S. retailer is facing pressure from activist investors to sell itself.

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By: Charlie Sternberg

Associate Editor

According to multiple sources, several entities are bidding for U.S. retailer Kohl’s Corp., which is facing pressure from activist investors to sell itself.
 
Reuters reports that Canadian department store chain Hudson’s Bay Co. is bidding for Kohl’s, and The Wall Street Journal reports that private equity firm Sycamore Partners also plans a bid. The bids are reportedly in the high $60s per share.
 
Shares of Kohl’s have risen as much as 17% recently, valuing the company at about $8.67 billion.
 
Kohl’s has asked suitors to submit offers by Wednesday. The company has indicated it believes it is worth over $70 per share.
 
Kohl’s previously rejected two buyout offers, valuing it at between $64 and $65 per share, from Sycamore and Starboard Value-backed Acacia Research.

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Last month, Kohl’s announced it will be adding 400 new Sephora at Kohl’s locations this year. From Alaska to Maine, the 400 stores will span 36 states, eight of which are brand new homes to Sephora at Kohl’s.

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