Franchise Group mulls lowering bid for Kohl's closer to $50 per share - CNBC
Reuters
Published Jun 22, 2022 02:11PM ET
Updated Jun 22, 2022 02:25PM ET
(Reuters) -Franchise Group is considering lowering its bid for department store chain Kohl's Corp (NYSE:KSS) to closer to $50 per share from about $60 apiece, CNBC reported on Wednesday, citing a source familiar with the deal talks.
Shares in Kohl's fell more than 10% after the report.
Franchise is considering whether buying Kohl's is the best use of the Vitamin Shoppe owner's capital, according to the report.
Kohl's and Franchise Group (NASDAQ:FRG) did not immediately respond to Reuters requests for comment.
Earlier this month, Kohl's entered into exclusive negotiations with Franchise over a potential sale of the retailer, valuing it at nearly $8 billion.
Franchise, which also owns and operates the Buddy's Home Furnishings retail chain, was in talks to keep the Kohl's top management team, including its Chief Executive Michelle Gass, Reuters reported on Tuesday.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.