The quest for control of Kohl's is heating up.
On Saturday, the retailer received an unsolicited $9 billion bid to go private from a consortium backed by an activist investor, according to published sources. The hedge fund, Starboard Value LP, offered to buy the department store chain for $64 a share in cash, The New York Times and The Wall Street Journal both reported. Starboard controls Acacia Research Corp., the group making the buyout overture, according to the reports.
And last week, another activist hedge fund, Macellum Advisors, said in a letter Kohl's board of directors and leadership team spent last year"materially mismanaging the business and failing to implement necessary" improvements. The hedge fund owns about 5% of Kohl's stock. Macellum said it planned to nominate a slate of new board members unless Kohl's decides to work with the firm.
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