In a statement this week, Kohl’s said it has been sent letters that detail interest in taking over the company.
Wisconsin-based Kohl’s added its board of directors will determine the course of action that it believes is in the best interests of the company and its shareholders.
“Shareholders are not required to take any action at this time,” it said, adding the company does not intend to further comment publicly on these matters unless it determines it is in the best interests of shareholders to do so.
The statement comes as shares in Kohl’s soared 36% on Monday (24 January) after a report published by Reuters claimed private equity firm Sycamore Partners had approached the department store chain with a potential takeover offer of US$9bn.
“A source said on Sunday Sycamore was willing to pay at least $65 per share, implying a 39% premium to the last closing price. Starboard Value-backed Acacia Research last week offered to pay $64 a share,” the report said.