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Kohl’s confirmed that it has been approached about a possible sale of the department store chain, sending shares up more than 30% in early trading Monday.
The company said that it would not comment further, but its confirmation follows media reports that the private equity firm Sycamore Partners had approached Kohl’s about a potential deal. Days earlier, a group backed by activist hedge fund Starboard Value LP reportedly bid $64 per share, or about $9 billion
Kohl’s Corp., based in Menomonee Falls, Wisconsin, said Monday that its board is reviewing the offers.
Shares of Kohl's spiked 31% or $14.79 to $61.63.