Canadian department store operator Hudson’s Bay is mulling to take over major American retailer Kohl’s, according to a report on Axios.
- Toronto-based Hudson’s Bay will have to compete with offers from Acacia Research backed by Starboard Value, which earlier bid $63 per share to acquire the $7.5-billion firm, with the offer being rejected.
- Sources close to the matter said equity firm Sycamore Partners is also looking at the possibility of making a bid, but uncertainties remain whether the company is serious about the possibility.
- Bidding for the retailer is expected in the near term, which would reveal whether firms will actually submit offers that will be considered by Kohl’s or if its advisers believe the bids undervalue the company.
Representatives of Kohl’s have yet to comment on the matter. KSS is up 6.98%.