Kohl’s says it engaged with over 20 parties regarding strategic alternatives By Reuters

BOSTON (Reuters) – Department store operator Kohl’s Corp (NYSE:), which rejected two separate takeover bids earlier this year, said on Monday that it had contact with more than 20 parties and signed confidentiality agreements with some, giving them access to more financial data.

Investment bank Goldman Sachs (NYSE:) spent January, February and March engaging with more than 20 financial sponsors, strategics, and real-estate-focused investors regarding a range of potential strategic alternatives involving the company, Kohl’s wrote in its proxy statement on Monday.

Some parties signed confidentiality agreements that gave them access to a data room, presentations from senior managers and invitations to submit proposals, Kohl’s wrote.

The bank interacted with parties that submitted interest in the company and its bankers made outbound calls to others, the proxy said.

Kohl’s is facing pressure from activist investors Macellum Advisors GP LLC and Engine Capital LP, which have both called on the company to sell itself.

Earlier this year, Kohl’s rejected separate takeover bids from Sycamore Partners and Starboard Value-backed Acacia Research after they each offered to pay between $64 and $65 a share, valuing the company at around $9 billion.