Kohl’s says that recent offers to purchase the department store chain undervalue its business, and it is adopting a shareholder rights plan to head off any hostile takeovers.Kohl’s says that recent offers to purchase the department store chain undervalue its business and said it’s adopting a shareholder rights plan to head off any hostile takeovers.
“We have a high degree of confidence in Kohl’s transformational strategy, and we expect that its continued execution will result in significant value creation,” said Kohl’s Chairman Frank Sica in a statement. “The board is committed to acting in the best interest of shareholders and will continue to closely evaluate any opportunities to create value.”Private equity firm Sycamore Partners had reportedly approached Kohl’s about a potential deal last month.
The investor said it planned to nominate a slate of director candidates at Kohl’s shareholders meeting this year, unless Kohl’s decides to embrace some changes.
Source: News Formal (newsformal.com)
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