A shopper prepares to pay for items at a Kohl’s department store in Peru, Illinois, May 16, 2019.
Daniel Acker | Bloomberg | Getty Images
U.S. department store Kohl’s may soon receive a second takeover offer as private equity firm Sycamore Partners prepares to make a bid only days after a consortium backed by activist investment firm Starboard Value proposed buying the company, three sources familiar with the matter said on Sunday.
Sycamore Partners has reached out to Kohl’s about a potential offer that would value the company around $9 billion, one source said. The firm is willing to pay at least $65 a share in cash for the company, the source said.
The news comes two days after Acacia Research, which is backed by Starboard, offered to pay $64 a share for Kohl’s, confirming a Reuters report last week that Acacia had reached out to the company to express its interest in a takeover.
There are no guarantees that Sycamore Partners will make a bid or that a deal will be reached with either Sycamore or Acacia, the sources said. Bloomberg first reported Sycamore’s interest on Sunday and the Wall Street Journal reported the Acacia bid on Friday.
Representatives for Sycamore, Acacia and Kohl’s did not immediately respond to requests for comment.
Sycamore’s interest in Kohl’s illustrates investors ongoing interest in retailers and the troubles that brick and mortar retailers are facing as the pandemic has largely prompted customers to shift buying habits in favor of online…