Kohl’s Corp.
rejected a $9 billion takeover offer by an activist group for being too low, but said it would review other expressions of interest in the department-store chain.
The company also adopted a shareholder-rights plan, also known as a poison pill, that makes it difficult for an activist group to acquire more than 10% of the company. Kohl’s said the plan, which will be in effect for a year, will allow the board to conduct an orderly review of potential offers.
“We have a high degree of confidence in Kohl’s transformational strategy, and we expect that its continued execution will result in significant value creation,” said Kohl’s Chairman
Frank Sica.
In January, Kohl’s received an offer from a group backed by…
