Potential Kohl's (KSS) Buyers Ready To Make Lower Bids Amid Market Downturn - Reuters

(Updated - May 25, 2022 10:14 AM EDT)

Potential suitors for Kohl's (NYSE: KSS) are preparing to lower their bids for the retailer amid the economic downturn, Reuters reported citing people familiar with the matter.

Bidders including Sycamore Partners, Franchise Group, and J.C. Penney investors Simon Property Group Inc and Brookfield Asset Management Inc. are planning to lower their bids by at least 10-15%, the report added.

Starboard Value-backed Acacia Research is also reviewing its next steps after its $64 bid was rejected by the company in January.

Shares of the retailer were trading at around $37 before being halted on the Reuters report. They last traded at $42.29, up 17% on the session.

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