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May 25, 2022, 10:45 a.m. EDT

Kohl's rallies on report of fresh buyout bids

Kohl's Corp. (NYS:KSS) shares jumped nearly 14% on Wednesday after Reuters reported that bidders continue to circle the retailer at lower prices than earlier this year, but still well above recent trading levels of the stock. Citing people familiar with the deal, Reuters reported that bidders include private equity firm Sycamore Partners, Franchise Group, Simon Property Group (NYS:SPG) , Starboard Value-backed Acacia Research and Brookfield Asset Management Inc. (NYS:BAM) . The proposed purchase prices are likely to come in 10% to 15% lower than offers early this year, but as high as $62 a share. Kohl's has given bidders up to two more weeks from an original target of end of May to submit bids. Shares of Kohl's are currently trading at about $41.50 a share and are down about 16% so far in 2022, compared to a drop of 16.7% by the S&P 500 (S&P:SPX) .

Link to MarketWatch's Slice.