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US department store chain Kohl’s Corporation stock rises 9.21% after announcing it will enter into exclusive negotiations with Franchise Group, Inc.
Source: Kohl’s
KSS up +9.21%, FRG up +1.35% in pre-market trading
Over a three-week period, the retail group will be assessing the holding company’s proposal to purchase Kohl’s for $60 per share.
Kohl’s stated that the purpose of the exclusive negotiation period is to allow Franchise Group and its financing partners to complete due diligence and financing plans.
The acquisition deal will be subject to approvals by the board of directors for both companies, and there is no certainty that an agreement will be signed.
Kohl’s further stated that its board of directors is committed to the selection of a direction that maximizes shareholders’ value.
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