(Reuters) -Kohl’s Corp on Friday adopted a shareholder rights plans to protect itself from hostile offers, after saying buyout offers the retailer has received undervalued it.
Acacia Research Corp, backed by activist investor Starboard Value, last month said it had offered to buy the department store chain for $64 a share, valuing it at roughly $9 billion.
Sycamore Partners was also preparing an all-cash offer for Kohl’s at $65 per share, sources told Reuters last month.
Shares of Kohl’s last closed at $58.58 on Thursday.
Kohl’s also said the shareholder rights plan, popularly known as a “poison pill”, expires in February 2023. The plan is a defensive strategy adopted by companies to avert hostile takeovers.
(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)
