Kohl’s Board of Directors Enters Exclusive Three-Week Negotiations with Franchise Group
MENOMONEE FALLS, Wis., June 06, 2022–(BUSINESS WIRE)–Kohl’s Corporation (“Kohl’s” or the “Company”) (NYSE: KSS) today announced that following receipt of final proposals, Kohl’s Board of Directors has entered into exclusive negotiations with Franchise Group, Inc. (“FRG”), a holding company of a collection of leading and emerging brands, for a period of three weeks in connection with FRG’s proposal to acquire the company for 60 $.00 per share. The purpose of the exclusivity period is to allow FRG and its financial partners to finalize due diligence and financing arrangements and the parties to complete negotiation of binding documentation.
The transaction remains subject to the approval of the boards of directors of both companies. There can be no assurance that any agreement will be entered into or that any transaction will be agreed upon or entered into on the terms set forth above or otherwise. The Company will not comment further until an agreement is reached or discussions are completed.
The Kohl Board of Directors remains focused on selecting the path that maximizes value for all Kohl shareholders.
Caution Regarding Forward-Looking Information
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding the board’s consideration of expressions of interest and the company’s business strategies, plans and objectives. . The Company uses forward-looking terminology such as “believes”, “expects”, “may”, “will”, “should”, “anticipates”, “plans” or similar expressions to identify forward-looking statements. These statements, including statements regarding the outcome and timing of the strategic review process, are subject to certain risks and uncertainties, which could cause the Company’s actual results to differ materially from those anticipated by the forward-looking statements, and there can be no guarantee that the process will result in an agreement to sell the Company or that such an agreement will ultimately be concluded. You should understand that these forward-looking statements are not guarantees of action, performance or strategic results. These risks and uncertainties include, but are not limited to, the risks described in more detail in Item 1A of the Company’s Annual Report on Form 10-K, and in Item 1A of Part II of the Company’s Quarterly Report. on Form 10-Q for the quarter ended April 30, 2022, which are expressly incorporated herein by reference, and such other factors as may be described from time to time in the Company’s filings with the SEC. Forward-looking statements speak as of the date originally made, and Kohl’s assumes no obligation to update them.
Kohl’s (NYSE: KSS) is a leading omnichannel retailer. With over 1,100 stores in 49 states and the online convenience of Kohls.com and the Kohl’s app, Kohl’s offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl’s is in a unique position to deliver on its strategy and vision to be the most trusted retailer of choice for the active, casual lifestyle. Kohl’s is committed to advancing its diversity and inclusion commitments, as well as the company’s environmental, social and corporate governance (ESG) management. For a list of store locations or to shop online, visit Kohls.com. For more information on Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.
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Mark Rupe, (262) 703-1266, [email protected]