23
Fashion Jobs
BEST SELLER
Payroll Coordinator Slovenia
Permanent · LJUBLJANA
JACK & JONES
Sales Representative Jack & Jones Slovenia
Permanent · LJUBLJANA
INDITEX
Svetovalec za Prodajo / Blagajnik (m/ž)
Permanent · KOPER
INDITEX
Svetovalec za Prodajo / Blagajnik (m/ž)
Permanent · LJUBLJANA
INDITEX
Svetovalec za Prodajo / Blagajnik (m/ž)
Permanent · CELJE
BEST SELLER
Business Developer
Permanent · LJUBLJANA
BEST SELLER
Finance Business Partner
Permanent · LJUBLJANA
NAME IT
Sales Representative Name IT Slovenia
Permanent · LJUBLJANA
SELECTED FEMME/HOMME
Sales Representative Selected Slovenia
Permanent · LJUBLJANA
VERO MODA
Sales Representative Vero Moda Slovenia
Permanent · LJUBLJANA
C&A
Prodajni Svetovalec 808 Koper, 40h
Permanent · KOPER
H&M
Prodajalec (m/ž) - Sales Advisor 40h
Permanent · MURSKA SOBOTA
SPORTS DIRECT
Prodajalec - Sports Direct, Btc
Permanent · LJUBLJANA
H&M
Prodajalec (m/ž) - Sales Advisor
Permanent · LJUBLJANA
JACK & JONES
Sale Assistant (Fulltime) Jack & Jones Celje City Center/Slowenien
Permanent · CELJE
JACK & JONES
Shop Manager (Fulltime) Jack & Jones Celje City Center/ Slowenien
Permanent · CELJE
JACK & JONES
Sale Assistant (Fulltime) Jack & Jones Planet Koper/Slowenien
Permanent · KOPER
JACK & JONES
Store Manager (Fullime) Jack & Jones Planet Koper / Slowenien
Permanent · KOPER
C&A
Prodajni Svetovalec 808 Koper, 40h
Permanent · KOPER
BEST SELLER
People & Culture Business Partner
Permanent · LJUBLJANA
BEST SELLER
Marketing & Communications Specialist
Permanent · LJUBLJANA
BEST SELLER
Accounts Receivable
Permanent · LJUBLJANA
By
Reuters
Published
Jan 24, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

Kohl's shares surge on takeover interest from Sycamore, Acacia

By
Reuters
Published
Jan 24, 2022

Kohl's Corp shares soared 36% on Monday after a Reuters report that private equity firm Sycamore Partners had approached the department store chain with a potential takeover offer of $9 billion.


Reuters



A source said on Sunday Sycamore was willing to pay at least $65 per share, implying a 39% premium to the last closing price. Starboard Value-backed Acacia Research last week offered to pay $64 a share.

Kohl's confirmed on Monday it had received letters expressing takeover interest, adding the board would take action that is in "the best interests of the company and its shareholders." It did not name the suitors.

Activist investors such as Macellum Advisors and Engine Capital, unhappy with Kohl's performance, have also urged it to explore options, including a sale.

Like rivals Macy's and Nordstrom Kohl's has lost market share to off-price and online chains, but its recent tie-ups with LVMH's Sephora and PVH's Calvin Klein have earned plaudits from analysts.

Engine, which owns around 1% of Kohl's, on Monday urged the retailer to "aggressively pursue" a buyout offer with a 37% premium, referring to Acacia's offer.

A few analysts said Kohl's, which has a market capitalization of $6.52 billion, could fetch a higher valuation.

"KSS is a strong FCF (free cash flow) generator, and it doesn't seem to be getting credit by the market, making it reasonable to consider offers," Citi's Paul Lejuez wrote in a note.

It could warrant a per-share value of $70 to $80, Credit Suisse's Michael Binetti wrote in a note.
Shares were on course for their best day ever, with the news also pushing rivals Macy's and Nordstrom higher.

However, UBS analysts are unconvinced a deal would happen as they doubt Kohl's real estate has enough value to serve as adequate collateral. They added operational changes suggested by the activists would not stop market-share losses and might not convince creditors to lend enough capital.

© Thomson Reuters 2024 All rights reserved.