Kohl's in exclusive talks with Franchise Group over $8bn deal
Kohl’s confirmed on Tuesday that it is in exclusive negotiations with retail holding company Franchise Group (FRG) about a possible takeover that would value the US department store chain at around $8bn.
In a brief statement, Kohl’s said it’s in exclusive talks with FRG for a period of three weeks about a possible $60.00 per share acquisition.
"The purpose of the exclusive period is to allow FRG and its financing partners to finalise due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation," it said.
It added that a deal remains subject to approvals of the boards of directors of both companies.
"There can be no assurances that any agreement will be reached or that a transaction will be agreed or completed on the terms set forth above or otherwise," Kohl’s said. "The company will have no further comment until an agreement is reached or the discussions are terminated."