Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Kohl's Stock Surges After Reuters Says it is Braced For Bidders

Published 25/05/2022, 18:38
Updated 25/05/2022, 18:38
© Reuters.

© Reuters.

By Sam Boughedda

Investing.com -- Kohl's Corp (NYSE:KSS) rallied 17% on Wednesday after reports that the company was braced for lower bids from potential buyers than the ones they submitted earlier this year.

The bids are expected to be lower than the previous bids made earlier this year to reflect the market downturn and the fall in its stock. The potential bidders include Sycamore Partners, Franchise Group (NASDAQ:FRG), and mall owner duo Simon Property Group (NYSE:SPG) and Brookfield Asset Management. 

The bidders plan to lower their offers by 10% to 15%. 

In addition, Acacia Research is preparing its next steps after its recent bid of $64 a share was rejected earlier this year. Reuters reported that some bidders were willing to pay at least $70 a share. 

Kohl's stock is currently up 12% at $40.60 per share.

Elsewhere on Wednesday, Kohl's announced plans to increase its investment in new store openings, remodels, and enhanced omnichannel capabilities. 

Kohl's plans to open 100 new, small-format stores over the next four years in hopes of reaching new customers. Kohl's believes its new store growth offers a sale opportunity of more than $500 million.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.