Sycamore and Hudson’s Bay Prepare Kohl’s Bids

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Private-equity firm Sycamore Partners and Canada’s Hudson’s Bay plan to submit takeover bids for

Kohl’s Corp.


KSS 17.26%

that could value Kohl’s above $9 billion, according to people familiar with the matter.

The private-equity firm and the department-store chain plan to bid in the high $60s a share for Kohl’s, which asked suitors to submit offers by Wednesday, the people said. It couldn’t be learned whether other suitors plan to bid.

A deal is far from guaranteed. Kohl’s has indicated to suitors it believes the company is worth over $70 a share, one of the people said.

Kohl’s shares jumped Wednesday morning after Axios reported that Hudson’s Bay was considering a bid, and rose further following The Wall Street Journal’s report. They closed up over 17%…

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