Franchise Group, Inc., the owner of The Vitamin Shoppe, Buddy’s Home Furnishings and other retail chains has offered $9 billion, or $69 a share, to acquire Kohl’s Corp, sources told Reuters.
Franchise Group’s bid is reportedly not the highest offer but gives Kohl’s management team more options to find a workable deal as it faces pressure from an activist shareholder to explore a sale. Franchise Group also owns Pet Supplies Plus, American Freight, Sylvan Learning, and Badcock Furniture.
Hudson’s Bay Company has reportedly indicated it is willing to pay at least $70 per share for Kohl’s. Others reportedly making bids include private equity firm Sycamore Partners, Acacia Research Corp and a group including private equity firm Leonard Green & Partners LP, which includes Authentic Brands.
In afternoon trading, Kohl’s shares were trading at $60.85, up $3.61, or 6.3 percent.
Photo courtesy Kohl’s
