Kohl’s Corp. acknowledged receipt of multiple preliminary indications of interest in acquiring the company. The proposals received are non-binding and without committed financing.

Kohl’s said its Board has authorized Goldman Sachs to coordinate with select bidders who have submitted indications of interest to assist with further due diligence so that they have the opportunity to refine and improve their proposals and include committed financing and binding documentation.

Kohl’s said that as announced on February 4, 2022, the Finance Committee of its Board is leading the ongoing review of any expressions of interest. The Finance Committee, which was formed pursuant to the 2021 settlement agreement with Macellum Advisors GP, LLC and other shareholders, is comprised exclusively of independent directors.

Pressure arrived earlier this year from activists, including hedge fund Macellum Advisors, calling on Kohl’s to explore a sale. On February 4, Kohl’s said an offer from Starboard-backed Acacia Research, at $64 per share, was too low, apparently fueling other offers. Reports arrived last week that private equity firm Sycamore Partners and Hudson’s Bay Co., a Canadian department store operator owned by HBC, were considering bids for Kohl’s.

Macellum, which owns about 5 percent of Kohl’s stock, last month nominated 10 directors to Kohl’s board.

In a separate press release, Kohl’s said it mailed definitive proxy materials to shareholders for its annual meeting, scheduled to be held on May 11. In a letter to shareholders, Kohl’s urged shareholders to support its recommended director appointees and not to side with Macellum. The letter read, “Unfortunately, one of our shareholders, Macellum Advisors GP, LLC is seeking to take control of your Board with a slate of less qualified nominees. Kohl’s is committed to engaging constructively with all our shareholders. However, we believe Macellum’s efforts to take control of Kohl’s are unjustified and unwarranted and highly concerning given Macellum’s intentions to engineer short-term financial actions that could damage the long-term future of the company.”

Photo courtesy Kohl’s/Getty