Kohl’s logo is displayed outside a Kohl’s store on January 24, 2022 in San Rafael, California.
Justin Sullivan | Getty Images
by Kohl said Monday that it has entered into exclusive negotiations with retail holding Franchise Group, which proposes to buy the retailer for $ 60 per share.
Such a price would make Kohl’s worth around $ 8 billion.
Kohl’s stock closed Monday at $ 42.12, giving the dealer a market value of approximately $ 5.4 billion.
The transaction remains subject to the approval of the boards of directors of both companies, by Kohl he said in a press release.
The exclusive three-week period will allow the Franchise Group and its financial partners to finalize due diligence and funding agreements and the parties to complete the negotiation of binding documentation, Kohl said.
The retailer added that he will not have further comment until an agreement is reached or discussions are over.
This story is developing. Please check back for updates.