RTTNews | Jan 22, 2022 09:52PM EST

21:52 Saturday, January 22, 2022 (RTTNews.com) - 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.

Read the original article on RTTNews ( https://www.rttnews.com/3256549/starboard-backed-acacia-research-reportedly-offers-to-buy-kohl-s-for-about-9-bln.aspx)

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