Jan 24 (Reuters) – US department store chain Kohl’s has been approached by private equity firm Sycamore Partners about a possible takeover bid, three people with knowledge of the matter said on Sunday.
Sycamore Partners has contacted Kohl’s about a potential offer that would value the company at around $9 billion (7.9 billion euros), a source said. The company is willing to pay at least $65 per share in cash for the venture, the source said.
This sign of interest comes as Acacia Research has already submitted an offer, supported by the activist speculative fund Starboard Value – a shareholder of Kohl’s – to the American distribution group.
There is no guarantee that Sycamore Partners will make an offer or that a deal will be reached with Sycamore or Acacia, the sources said.
Representatives from Sycamore, Acacia and Kohl’s declined to comment immediately.
Kohl’s is also under pressure from activist hedge fund Macellum Advisors, which has urged the retailer to consider its strategic options, including a sale, and announced plans to appoint directors to its board. (Report Svea Herbst-Bayliss Boston and Jaiveer Singh Shekhawat Bangalore, with Bhargav Acharya; French version Camille Raynaud)