Kohl’s Corp. rose after saying it’s in exclusive talks about a potential $8 billion takeover deal from Franchise Group Inc., the owner of Pet Supplies Plus and The Vitamin Shoppe.
The companies said Monday that they’ve entered into three weeks of exclusive negotiations to discuss Franchise Group’s offer to buy Kohl’s for $60 a share. The retailer rejected a higher offer earlier this year, but Kohl’s stock has slumped in the last few months and continues to trade well below its recent peak. Last month, it slashed its profit and sales outlook for the year.
