Both Sycamore Partners and a suitor backed by hedge fund Starboard Value LP had engaged with Kohl’s about a potential deal amid activist investor pressure to sell, Bloomberg News has reported.
While it’s unclear how much Sycamore was willing to pay for Kohl’s, Acacia Research Corp.
The Starboard-backed suitor, had offered $64 a share, or about $9 billion
That worked out to a premium of more than 30% to where Kohl’s was trading in mid-January before shareholder Macellum Advisors renewed a push for the company to consider a sale
The bids undervalued the company’s future growth and cash flow generation, Kohl’s said in a statement.