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Retail Giant Kohl's Gets $9B Bid From Activist Hedge Fund Starboard Value: Report

Retail Giant Kohl's Gets $9B Bid From Activist Hedge Fund Starboard Value: Report
A consortium backed by activist hedge fund Starboard Value LP is offering about $9 billion for retailer Kohl's Corporation (NYSE:KSS), according to a Wall Street Journal report.

People familiar with the developments tell WSJ that Acacia Research Corp (NASDAQ:ACTG) has led the offer, an effort spearheaded by CEO Clifford Press.

Controlled by Starboard Value LP, Acacia Research Corp offered to buy the department-store chain for $64 a share in cash Friday.

Acacia told the retailer (the largest department store chain in the U.S. with 1,158 locations) it has received assurances from bankers that there is sufficient financing for the bid, according to sources.

Before Starboard invested in Acacia and joined its board in 2019, the company was primarily a holding company for patents.
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