Kohl's Corp (NYSE:KSS) shares are trading higher Tuesday after the company's board announced it has entered into exclusive negotiations with Franchise Group in relation to the Group's proposal to acquire Kohl's for $60 per share.
The purpose of the exclusive period is to allow the Franchise Group to finalize its due diligence and financing arrangements and for the companies to complete the negotiation of binding documentation. The exclusive negotiations are set to last for a period of three weeks.
Kohl's said it will make no further comments until an agreement is reached or discussions are terminated. Kohl's board remains focused on selecting the path that will maximize value for all of its shareholders.
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KSS Price Action: Kohl's has traded between $34.64 and $64.37 over a 52-week period.
The stock was up 9.54% at $46.16 at press time, according to data from Benzinga Pro.
Photo: courtesy of Kohl's.
