Department store chain Kohl’s Corp. has been getting an earful from activist investors lately. Now some are putting their money where their mouths are.
On Friday, a Starboard Value-backed consortium of investors offered $9 billion, or $64 a share in cash, to buy Kohl’s, according to a Wall Street Journal report. Sycamore Partners and Oak Street Real Estate Capital are also said to be potential suitors. The Starboard Value offer represents a 37% premium to Kohl’s closing price before news of the offer emerged but just 26% more than their average price over the past decade. Kohl’s on Monday confirmed that it received letters expressing interest.