Acacia Research Corporation cancelled the acquisition of Kohl's Corporation from Macellum Advisors GP, LLC, Engine Capital Management, LP and others.
February 03, 2022
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Acacia Research Corporation (NasdaqGS:ACTG) proposed to acquire Kohl's Corporation (NYSE:KSS) from Macellum Advisors GP, LLC, Engine Capital Management, LP and others for $9.1 billion on January 24, 2022. As per the terms of the transaction, Acacia Research shall acquire 100% of the outstanding shares of Kohl's for $64 per share in cash. On February 4, 2022, Kohl's Corp adopted a shareholder rights plans to protect itself from hostile takeovers, days after receiving buyout offers that the retailer said undervalued it. Kohl's adopts "poison pill". Kohl's also said the shareholder rights plan, popularly known as a "poison pill", expires in February 2023. As of February 4, 2022, the Board of Directors of Kohl's Corporation has rejected the transaction. Jefferies LLC acted as financial advisor to Acacia Research Corporation. Kohl's Corporation and the Board have also engaged financial advisors, including Goldman Sachs and PJT Partners.
Acacia Research Corporation (NasdaqGS:ACTG) cancelled the acquisition of Kohl's Corporation (NYSE:KSS) from Macellum Advisors GP, LLC, Engine Capital Management, LP and others on February 4, 2022.
Kohl's Corporation is an omnichannel retailer. The Company operates approximately 1,170 stores and a website www.Kohls.com. The Company's Kohl's stores and Website sell private and national brand apparel, footwear, accessories, beauty, and home products. Its Kohl's stores carry a consistent merchandise assortment with some differences attributable to local preferences, store size, and Sephora. Its Website includes merchandise, which is available in its stores, as well as merchandise that is available only online. The Company's merchandise mix includes both national brands and private brands that are available at Kohl's. The Company's private portfolio includes various brands, such as Croft & Barrow, Jumping Beans, SO, Sonoma Goods for Life, and Tek Gear, and brands that are developed and marketed through agreements with national brands, such as Food Network, LC Lauren Conrad, Nine West, and Simply Vera Vera Wang.