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Macellum Advisors GP, LLC (together with its affiliates, “Macellum” or “us”), a long-term owner of Kohl’s Corporation (NYSE:KSS) (“Kohl’s” or the “Company”) issued the following statement today in response to the Company’s announcement that its board of directors (the “Board”) has rejected recent signs of interest and has passed a two-tier shareholder rights plan that appears to be open to any investment that seeks to engage more actively with the Board of Directors are especially punitive.
Macellum managing partner Jonathan Duskin commented:
“We are disappointed and appalled by Kohl’s hasty rejection of confirmed signs of interest. This morning’s rejection – just two weeks after a potential acquirer approached – only proves to us that the majority of the board is entrenched and When it comes to evaluating value-maximizing sales opportunities associated with management’s historically ineffective stand-alone program. We doubt that interested parties have been given adequate consideration or access to management, the data room, and the type of information needed to inform upward adjustments to bids. Also, the board does not appear to have Empower its bankers to conduct market research and engage in substantive dialogue with other logical suitors. Even though some of our shareholders want the board to compare the sale opportunity with management’s strategy going forward, we are concerned that the company’s actions and statements demonstrate a lack of the board’s Impartiality and strategic thinking.”
Mr Duskin added:
“We will do everything in our power to prevent the current board from continuing to cool down the normal sales process. In our view, the board’s cumbersome press release on Friday morning and the poison pill adopted has a low trigger rate for…
The full story is available on Benzinga.com
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