Kohl’s said Monday that it has entered into exclusive negotiations with retail holding company Franchise Group, which is proposing to buy the retailer for $60 per share.
Such a price tag would value Kohl’s at roughly $8 billion.
Kohl’s shares closed Monday at $42.12, giving the retailer a market value of about $5.4 billion.
The transaction remains subject to approvals of both companies’ boards of directors,Kohl’s said in a press release.
The exclusive period of three weeks will allow Franchise Group 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.
The retailer added that it will have no further comment until an agreement is reached or the discussions are terminated.
This story is developing. Please check back for updates.