Saturday, June 10

Sycamore Partners approaches Kohl’s with a potential takeover offer -Bloomberg News

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US department store chain Kohl’s Corp has been approached by private equity firm Sycamore Partners about a potential takeover offer, Bloomberg News reported on Sunday, citing people familiar with the matter.

It is unclear how much Sycamore is willing to pay for the company, Bloomberg said

The potential takeover bid comes when Kohl’s is already contending with an activist offer from Acacia Research Corp, which is backed by investment firm Starboard Value, Reuters reported last week.

Kohl’s is also under pressure from activist hedge fund Macellum Advisors GP LLC, which has urged the company to explore strategic options, including a sale, and has said it is planning to nominate directors to the board.

Sycamore declined to comment. Kohl’s did not immediately respond to Reuters’ request for a comment. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Additional reporting by Bhargav Acharya; Editing by Andrea Ricci)