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#The Wall Street Journal: Sycamore and Hudson’s Bay prepare takeover bids for Kohl’s

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“The Wall Street Journal: Sycamore and Hudson’s Bay prepare takeover bids for Kohl’s”

Offers could value the department-store chain above $9 billion.

Private-equity firm Sycamore Partners and Canada’s Hudson’s Bay plan to submit takeover bids for Kohl’s Corp.
KSS,
+14.83%
that could value the department-store chain above $9 billion, according to people familiar with the matter.

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, the people said. 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, one of the people said.

Kohl’s shares closed Tuesday at $53.82. They jumped to around $58 a share Wednesday morning after Axios reported that Hudson’s Bay was considering a bid.

An expanded version of this story appears on WSJ.com.

Cara Lombardo

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Suzanne Kapner

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