Sycamore Partners has reached out to Kohl's about a potential offer that would value the company at around US$9 billion, one source said. The firm is willing to pay at least US$65 a share in cash for the company, the source said.
There are no guarantees that Sycamore Partners will make a bid or that a deal will be reached with either Sycamore or Acacia, the sources said. Bloomberg first reported Sycamore's interest on Sunday and the Wall Street Journal reported the Acacia bid on Friday.
Last week activist investment firm Macellum Advisors, which owns 5 per cent of Kohl's stock, told the company to explore strategic options, including a sale, and warned it planned to nominate directors to its board. Late last year activist firm Engine Capital also said it wants Kohl's to consider a sale.
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