Simon and Brookfield Pursue Kohl’s to Join Rival J.C. Penney

Simon and Brookfield Pursue Kohl’s to Join Rival J.C. Penney

Simon Property Group in partnership with Brookfield Asset Management, have thrown their very ... [+] handsome hat into the ring, with a $68-a-share offer, valued at more than $8. 6 billion to purchase Kohl's. The Kohl's "takeover saga" continues. Institutional Shareholder Services Inc. a prominent shareholder advisory firm, on Friday urged Kohl's investors to back two of Macellum Advisors' board candidates. Such a move counters Kohl's board's objectives. Meanwhile, Kohl's on Friday mailed a letter written by incoming Kohl's board chair Peter Boneparth to shareholders, urging them to vote for all 13 of Kohl's current director nominees, ahead of Kohl's May 11, shareholders meeting. The backdrop of this rancor is activist investor Macellum's attempt to take control of Kohl's, including replacing ten of its directors. While this drama continues, Goldman Sachs, at the direction of the Kohl's board is continuing its due diligence, engagement with "over 25 parties" some of whom have put forward preliminary, non-binding proposals for the purchase of Kohl's. Meanwhile, the board emphasizes its key role is choosing a path that "maximizes shareholders value." This could be interpreted as "keeping the company structure intact" versus "parting out the assets" which many believe is baked into the plans