Activist investor Starboard Value LP offers $9 billion for Kohl s

A group backed by activist hedge fund Starboard Value LP is offering about $9 billion for Kohl s Corp., according to people familiar with the matter.

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The offer for Kohl s from parties led by Acacia Research Corp. is $64 per share in cash, according to two people who were familiar with the matter who asked not to be identified because the information was private. That is a 37% premium to the department store chain closing price of $46.84 on Friday.

The people said that Acacia already has a stake in Kohl's of less than 5%. Jefferies Financial Group Inc. is advising Acacia on the purchase. The planned acquisition was reported by Dow Jones.

Kohl s wouldn't say anything about the offer.

Clifford Press run Acacia, which takes stakes in companies with an eye for ownership. The firm, which is backed financially by Starboard, has agreed to buy Spok Holdings and offer to buy Comptech Telecommunications Corp.

Kohl s would be their largest acquisition to date.

Activist investor Macellum Advisors recently urged Kohl s to make board changes or consider a sale in a letter to shareholders. Macellum has been unwilling to engage in constructive ways, according to the company. None of the Charismatic Developers and Ponzi scheme that Suckered San Diego were the culprits.

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