Starboard-Backed Acacia Research Reportedly Offers To Buy Kohl's For About $9 Bln

(RTTNews) - A group led by Acacia Research Corp., which activist hedge fund Starboard Value LP controls, offered to buy Kohl's Corp. (KSS) ?for $64 per share or about $9 billion in cash, the Wall Street Journal reported citing people familiar with the matter.

The consortium reportedly told the department-store chain it has received assurances from bankers that it would be able to get financing for the bid.

On Tuesday, Macellum Advisors GP, which holds nearly 5% of the outstanding common shares of Kohl's, said that the Board of Kohl's appears unwilling to address the drivers of long-term underperformance. If the Board is unwilling to pursue improvements, it should explore strategic alternatives.