After Reuters reported earlier that suitors competing to buy Kohl's Corporation (NYSE:KSS) are preparing to lower their takeout offers, but still plan to make bids, a person familiar with the matter told CNBC that mall owner Simon Property Group, Inc. (NYSE:SPG) is not planning to make a bid for Kohl's, according to Lauren Thomas. Shares of Kohl's are off earlier highs but remain about 12.5% higher at $40.70 in afternoon trading following the reports from Reuters and CNBC.