(Axios) Shares of Kohl’s rose more than 16% on Wednesday after reports emerged that the company was a target of a buyout by departmental store Hudson’s Bay.
The reports of the takeover bid came after Kohl’s rejected an offer of $64 per share from Starboard-backed Acacia Research, saying it was too low.
Privately owned firm Sycamore Partners is also said to consider bids for Kohl’s.
The reports of a takeover offer for Kohl’s happens even as the company said it was considering potential bidders. Kohl’s has been facing pressure from activists who have called for a buyout of the company, with the retailer already working with advisors to find potential buyers.
KSS: NYSE is up 16.72%.
