Private-equity firm Sycamore Partners and Canada’s Hudson’s Bay plan to submit takeover bids for Kohl’s Corp. that could value Kohl’s above $9 billion, the Wall Street Journal reported. The private-equity firm and the department-store chain plan to bid in the high $60s a share for Kohl’s, which asked suitors to submit offers by Wednesday. It couldn’t be learned whether other suitors plan to bid. A deal is far from guaranteed. Kohl’s has indicated to suitors it believes the company is worth over $70 a share. Kohl’s shares jumped Wednesday morning after Axios reported that Hudson’s Bay was considering a bid, and rose further following <em>The Wall Street Journal</em>’s report. They closed up over 17% at around $63 a share. The board will weigh potential bids against remaining independent and will choose the path that maximizes shareholder value. Earlier Wednesday, activist investor Engine Capital LP urged Kohl’s board to negotiate the best offer it receives and let shareholders vote on a potential deal. Engine and others have previously called for the company to explore a sale. Kohl’s has repeatedly been the target of shareholder activists despite efforts by the company to boost performance. Chief Executive Michelle Gass has forged partnerships with Amazon.com Inc. and Sephora, brought in new brands and beefed up its loyalty program.
