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.