Kohl's Corp on Friday adopted a shareholder rights plans to protect itself from hostile takeovers, days after receiving buyout offers that the retailer said undervalued it.
Around the same time, sources told Reuters that Sycamore Partners was also preparing an all-cash offer for Kohl's at $65 per share.
Kohl's on Thursday said the offers did not adequately reflect the company's future growth and cash flow generation, without naming the suitors.Kohl's said it has hired investment bank Goldman Sachs to engage in talks with interested parties about a potential sale. Activist investors such as Macellum Advisors and Engine Capital, unhappy with Kohl's performance, have been pressuring the company to explore options, including a sale.Kohl's also said the shareholder rights plan, popularly known as a "poison pill", expires in February 2023. The rights will be exercisable if a person or group, other than passive institutional investors, acquires a stake of 10% or more in Kohl's.Register now for FREE unlimited access to Reuters.
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