Kohl’s Corp.’s board took it off the market after failing to agree on a potential $8 billion sale to Franchise Group Inc., sending the department-store operator’s stock to its biggest drop in two years.
Franchise Group’s most recent offer price and terms reflected “the current financing and retail environment,” and it wasn’t prudent to continue pursuing a deal because of “market volatility,” Kohl’s said in a statement Friday. Franchise Group, the owner of the Vitamin Shoppe and Pet Supplies Plus, had revised its takeover proposal this week to $53 a share, down from $60 in early June.
