Kohl’s Corp. KSS, +31.17% confirmed that “it has received letters expressing interest in acquiring the Company,” in a Monday morning release, and says the board “will determine the course of action that it believes is in the best interests of the Company and its shareholders.” The Wall Street Journal reported Friday that a consortium backed by Starboard Value LP had made an offer to buy the company for $9 billion. The department store retailer has previously faced calls from other activist investors to explore a sale or take other measures. Kohl’s stock soared 34% in Monday premarket trading after the news. The news also sent shares of other department store retailers higher in premarket hours. Kohl’s stock is up 3.7% over the past year while the S&P 500 index SPX, -1.51% has gained 14.5%.
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