Kohl’s: Buyout offers undermine value of business

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Kohl’s says that recent offers to purchase the department store chain undervalue its business. It says it is adopting a shareholder rights plan to head off any hostile takeovers. The shareholder rights plan is effective immediately and expires in a year. The move comes as Kohl’s has received multiple buyout offers in recent weeks. Private equity firm Sycamore Partners had reportedly approached Kohl’s about a potential deal last month. A group called Acacia Research, backed by activist hedge fund Starboard Value LP, bid $64 per share, or about $9 billion. At the time the retailer based in Menomonee Falls, Wisconsin, said that its board was reviewing the offers.