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Tags: kohls | vitamin shoppe | 8 billion deal

Vitamin Shoppe in Exclusive Talks to Buy Kohl's

Vitamin Shoppe in Exclusive Talks to Buy Kohl's
(AP)

Tuesday, 07 June 2022 05:41 AM EDT

Kohl's Corp. has entered exclusive negotiations with retail store operator Franchise Group Inc., owner of The Vitamin Shoppe, over a potential sale of the department store chain, valuing it at nearly $8 billion, the companies said late Monday.

The bid of $60 per share constitutes a premium to Kohl's closing price of $42.12 on Monday, giving it a market value of about $5.4 billion.

Franchise Group, owner and operator of retail stores including Vitamin Shoppe and Buddy's Home Furnishings, said the companies have entered into a three-week-long exclusive discussion.

"The purpose of the exclusive period is to allow FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation," Kohl's said.

Kohl's said the deal is subject to board approval and provided no assurance that an agreement would be finalized.

Several bidders, including private-equity firm Sycamore Partners and J.C. Penney investors Simon Property Group Inc and Brookfield Asset Management Inc had submitted competing offers for Kohl's recently.

The U.S. department store chain was under pressure after activist investors Macellum Advisors GP LLC and Engine Capital LP called on Kohl's earlier this year to sell itself.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Kohl's Corp. has entered exclusive negotiations with retail store operator Franchise Group Inc., owner of The Vitamin Shoppe, over a potential sale of the department store chain, valuing it at nearly $8 billion, the companies said late Monday.
kohls, vitamin shoppe, 8 billion deal
197
2022-41-07
Tuesday, 07 June 2022 05:41 AM
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