Kohl’s Spars with Activist as Proxy War Looms
The battle over the Kohl’s future amped up as activist investment firm Macellum Advisors announced that it is seeking control of the retailer’s boardroom with a slate of 10 directors to be nominated at the company’s annual meeting. The move comes after Kohl’s rejected two go-private offers from Sycamore Partners and Acacia Search Corp. and adopted a poison pill strategy where existing shareholders have the right to acquire KSS shares at a 50% discount if any person or entity accumulates more than 10% of the company’s common stock.
In a letter to shareholders, Macellum—which owns nearly 5% of outstanding common shares—charged ... Log in to view full article.