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ACACIA RESEARCH CORPORATION

(ACTG)
  Report
Delayed Nasdaq  -  04:00 2022-09-30 pm EDT
4.040 USD   +0.75%
09/30Acacia Research Corp : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
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09/15Acacia Research Corp : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
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09/07Acacia Research Corp : Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits (form 8-K)
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Starboard slashes stake in Kohl's after seeking to buy it in January

08/12/2022 | 06:13pm EDT
FILE PHOTO: A Kohl’s department store in New York

BOSTON (Reuters) - Activist hedge fund Starboard Value, which had offered to buy Kohl's Corp for roughly $9 billion early this year, slashed its stake in the department store by more than 80% in the second quarter, according to a regulatory filing on Friday evening.

Starboard sold 2.8 million shares during the quarter, leaving it with 535,029 shares on June 30.

Starboard first invested in Kohl's during the first quarter of 2022 and the firm owned 2.59% of the company's stock, making it a top 10 holder. Investment managers are beginning to release their quarterly holdings before Monday's so-called 13-F filing deadline which details what they owned in U.S.-based companies on June 30.

In early January, before takeover talk for Kohl's heated up, the stock traded around $50 a share. On Friday, Kohl's shares closed at $33.18.

On July 1, Kohl's said it had called off its sale to Franchise Group, sending the company's shares tumbling.

Starboard-backed Acacia Research Corp in January offered to buy Kohl's for $64 a share and told the company it had assurances of obtaining financing for the deal. Kohl's rejected Starboard's overtures.

Months later the company agreed to negotiate exclusively with Franchise Group Inc, which owns Vitamin Shoppe and Buddy's Home Furnishings. In late June, Franchise Group cut its offer for Kohl's to $53 and by the end of the month the company called off the planned deal, citing market volatility which had made financing conditions difficult.

Kohl's defeated hedge fund Macellum Advisors' proxy contest to win board seats in part with arguments that the current board should oversee the sales process which was ongoing.

(Reporting by Svea Herbst-Bayliss in Boston; Editing by Matthew Lewis)

By Svea Herbst-Bayliss


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ACACIA RESEARCH CORPORATION 0.75% 4.04 Delayed Quote.-21.25%
FRANCHISE GROUP, INC. 1.17% 24.3 Delayed Quote.-53.41%
KOHL'S CORPORATION -0.75% 25.15 Delayed Quote.-49.08%
All news about ACACIA RESEARCH CORPORATION
09/30Acacia Research Corp : Entry into a Material Definitive Agreement, Financial Statements an..
AQ
09/15Acacia Research Corp : Entry into a Material Definitive Agreement, Financial Statements an..
AQ
09/07Acacia Research Corp : Changes in Registrant's Certifying Accountant, Financial Statements..
AQ
08/24Acacia Research Corp : Entry into a Material Definitive Agreement, Financial Statements an..
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08/12Starboard slashes stake in Kohl's after seeking to buy it in January
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08/11ACACIA RESEARCH CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND R..
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08/11Tranche Update on Acacia Research Corporation's Equity Buyback Plan announced on March ..
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08/11Tranche Update on Acacia Research Corporation's Equity Buyback Plan announced on March ..
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08/11Transcript : Acacia Research Corporation, Q2 2022 Earnings Call, Aug 11, 2022
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08/11Acacia Research : Reports Second Quarter 2022 Financial Results - Form 8-K
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Financials (USD)
Sales 2022 57,2 M - -
Net income 2022 -143 M - -
Net Debt 2022 - - -
P/E ratio 2022 -1,26x
Yield 2022 -
Capitalization 155 M 155 M -
Capi. / Sales 2022 2,70x
Capi. / Sales 2023 2,62x
Nbr of Employees 287
Free-Float 79,1%
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Technical analysis trends ACACIA RESEARCH CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 1
Last Close Price 4,04 $
Average target price 8,00 $
Spread / Average Target 98,0%
EPS Revisions
Managers and Directors
Clifford Press President, Chief Executive Officer & Director
Richard J. Rosenstein Chief Financial Officer
Maureen E. O'Connell Chairman
Martin D. McNulty Chief Operating Officer, Head-M&A
Wesley Lawrence Golby Chief Investment Officer
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