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Kohl’s says it engaged with over 20 events relating to strategic alternate options

BOSTON (Reuters) – Division retailer operator Kohl’s Corp, which rejected two separate takeover bids earlier this yr, stated on Monday that it had contact with greater than 20 events and signed confidentiality agreements with some, giving them entry to extra monetary knowledge.

Funding financial institution Goldman Sachs spent January, February and March partaking with greater than 20 monetary sponsors, strategics, and real-estate-focused buyers relating to a variety of potential strategic alternate options involving the corporate, Kohl’s wrote in its proxy assertion on Monday.

Some events signed confidentiality agreements that gave them entry to a knowledge room, shows from senior managers and invites to submit proposals, Kohl’s wrote.

The financial institution interacted with events that submitted curiosity within the firm and its bankers made outbound calls to others, the proxy stated.

Kohl’s is dealing with strain from activist buyers Macellum Advisors GP LLC and Engine Capital LP, which have each known as on the corporate to promote itself.

Earlier this yr, Kohl’s rejected separate takeover bids from Sycamore Companions and Starboard Worth-backed Acacia Analysis after they every supplied to pay between $64 and $65 a share, valuing the corporate at round $9 billion.

(Reporting by Svea Herbst-Bayliss; Modifying by Leslie Adler)