A pair of press releases late Monday brought some clarity to the murky waters of Kohl’s sale process as the troubled retailer and Franchise Group Inc. each announced a three-week period of exclusive negotiations between the two parties. Franchise’s offer to buy Kohl’s for $60 per share values the retailer at about $8 billion, or a roughly 43% premium over its stock price at Monday’s close. Word of the negotiations sent KSS and FRG shares up almost 10% in early trading Tuesday. Franchise Group is the owner of retail chains The Vitamin Shoppe, Buddy’s Home Furnishings, and Pet Supplies Plus.

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