As per the reports on Bloomberg, Kohl’s Corp. (KSS) is said to receive another bid offer for takeover, this time from Sycamore. Consequently, the stock added 28.65% premarket, at the last check on Monday.

During the previous trading session, the stock suffered a loss of 2.60% at $46.84. Following the emergence of the reports, KSS stock was trading at $60.26 per share in the premarket, at the time of writing.

The family-oriented departmental stores’ operator, Kohl’s Corp. has a market capitalization of $6.54 billion. Currently, the company has 139.16 million shares outstanding in the market.

What is happening with KSS?

Another Activist Campaign

On January 18, Macellum issued a letter to the company’s shareholders for the need for a more meaningful boardroom change. The activist investment firm, Macellum Capital Management, is once again clashing with the company’s board over its retailer’s performance. It was only in April 2021, that the company’s board reached a settlement with investors including Macellum but Macellum is once again at it.

Response of KSS Board

In a response to the recent activist campaign, the company’s board shared some information. Currently, the company is set to report its highest full-year earnings per share and its operating margin has also reached a nine-year high of 8.4%. Moreover, KSS’ board and management refused to be distracted by the unreasonable campaign. The company intends to share its updated financial framework and capital allocation strategy on Investor Day, March 07, 2022.

Consequent Events

Soon after the Macellum letter and activist campaign, reports of KSS receiving bid offers for takeover emerged. It was only a few days ago that hedge fund Starboard Value LP-backed group offered about $9 billion, according to the Wall Street Journal and Bloomberg. Further, the offer was said to be led by Acacia Research Corp, run by Clifford Press.

Just in a matter of a few days after the previous offer, KSS is said to receive interest from Sycamore Partners. According to Bloomberg, Sycamore has reached out to the company about a deal while the details remain undisclosed. Another report on Reuters stated that Sycamore has shown its willingness for paying $65 per share in cash, at least.  Furthermore, the previous bid by Acacia was for $64 per share.

Since there are no official announcements regarding the two bids, there is no guarantee that any deal will be reached.