BOSTON (Reuters) – Acacia Research, which is backed by activist investor Starboard Value, has reached out to Kohl’s Corp to express its interest in making a bid for the retailer, two sources familiar with the matter said.
Acacia, which buys businesses in sectors such as technology and healthcare, would likely be the lead investor in a bid with Starboard backing it, the sources said.
The outreach comes at a time when hedge fund Macellum Advisors GP LLC is stepping up pressure on Kohl’s to add new board members and to hire bankers to consider a sale if the retailer does not improve its business to boost its stock price.
Kohl’s stock price is trading up 1.34%.
(Reporting by Svea Herbst-Bayliss)