- Kohl's Corp (NYSE: NYSE:KSS) Board of Directors has entered into exclusive negotiations with Franchise Group Inc (NASDAQ: FRG) over the potential sale.
- Franchise's bid of $60 per share constitutes a 42.5% premium to Kohl's closing price of $42.12 on June 6.
- Related: Sycamore, Franchise Group Submit Bids for Kohl's: WSJ
- The discussion will go on for three weeks to allow the parties time to agree on binding documentation and for the Franchise Group to finalize financing arrangements.
- Also Read: Multiple Bidders, Key Executives Departure, Mixed Q1 Earnings - Lots Going On With Kohl's
- Kohl's said its Board remains focused on selecting the path that maximizes value for all shareholders.
- If Franchise Group and Kohl's enter into a definitive agreement, Franchise Group intends to contribute approximately $1 billion of capital to the transaction.
- Price Action: KSS shares are trading higher by 13.5% at $47.80 in premarket on the last check Tuesday.
- Photo Via Company
Read at Benzinga