Kohl's Corporation (NYSE:KSS) said on March 21, 2022, it has authorised The Goldman Sachs Group Inc. (NYSE:GS) to coordinate with select bidders who have submitted indications of interest to buy the business. The investment bank is assigned with the task to help the bidders in further due diligence so that they be able to refine and improve their proposals and include committed financing and binding documentation, a press release said. Kohl's noted that the company has received multiple preliminary indications of interest which are non-binding and without committed financing.

The company in February said it has turned down as under-priced acquisition bids from unnamed suitors. At the time it also took a poison pill to avoid an unwanted takeover. Among the suitors are Acacia Research Corporation (NasdaqGS:ACTG), media talk says.

Acacia has reportedly offered to take over Kohl's for $64 per share in cash.