The Kohl’s logo is displayed on the exterior of a Kohl’s store on January 24, 2022 in San Rafael, Calif.
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kohlso On Monday it said it had exclusive talks with the retail holding company Franchise Group, which is proposing to buy the retailer for $60 per share.
Such a price tag would value Kohl’s at around $8 billion.
Shares of Kohl’s closed Monday at $42.12, giving the retailer a market value of about $5.4 billion.
The transaction remains subject to the approval of the boards of directors of both companies, kohlso said in a press release,
Kohls said the special three-week period will allow the franchise group and its financing partners to complete due diligence and finalize financing arrangements and negotiate documentation that is binding on the parties.
The retailer said it would have no further comment until an agreement is reached or discussions are over.
This story is developing. Please check back for updates.