May 29, 2024

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Kohl’s stock falls on a report that a sale likely won’t lead to a deal (NYSE: KSS)

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Update 8:32 am: Updates share and add commentary from activist McCallum.

Kohl’s Corp. (New York Stock Exchange:KSS) decreased 4.5% In pre-market trading after a report on the supermarket chain Q1 results It may discourage potential suitors from making offers.

One familiar source With the sale process he said The New York Post That they were “shocked” by Kohl’s findings and that the person did not believe any acceptable bids would be made to the retailer. An unidentified bank lending source also told the newspaper that banks are not lining up to fund a massive acquisition in the current market environment.

The New York Post The item comes after Women’s Wear Daily reported earlier on Thursday that Kohl’s (KSS) Can Tends to stay independent. Cole’s chairman, Peter Bonbarth, is said to be against selling the convenience store, according to the report, which cited a familiar source.

The reports come after Cole said earlier on Thursday that she expects “Final bids are fully funded To be presented in the coming weeks.” The activist who pushed the company to sell itself was hit last week when Cool أصحاب owners refused All 10 nominees for Macellum’s board of directors.

The sources also told the New York Post that they are concerned that the company will not announce the poor market results in advance of the shareholder vote at the annual meeting.

maselom in statment On Friday morning, “It was disconcerting to learn yesterday that the current board of directors appears to have withheld material information from shareholders about Cole’s condition in the run-up to this year’s pivotal annual meeting.”

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Macellum It is “actively exploring” the claims against the board of directors and is considering legal action if necessary.

eyeliner on wednesday (KSS) announced that the chief marketing officer and chief marketing officer They are set to leave soon.

The New York Post It was reported late last month that Kohl’s received an offer from Simon Real Estate (SPGand Brookfield Asset Managementbam) for $68 per share.