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Exclusive-Acacia Research reached out to Kohl’s to express interest in bidding for the retailer – sources – Metro US

Exclusive-Acacia Research reached out to Kohl’s to express interest in bidding for the retailer – sources

FILE PHOTO: FILE PHOTO: A Kohl’s department store is seen
FILE PHOTO: FILE PHOTO: A Kohl’s department store is seen in Austin

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)

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