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Starboard slashes stake in Kohl's after seeking to buy it in January

By Svea Herbst-Bayliss BOSTON (Reuters) - Activist hedge fund Starboard Value, which had offered to buy Kohl's Corp (NYSE:KSS) for roughly $9 billion early this year, slashed its...
Starboard slashes stake in Kohl's after seeking to buy it in January © Reuters. FILE PHOTO: The Kohl’s label is seen on a shopping basket in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid

By Svea Herbst-Bayliss

BOSTON (Reuters) - Activist hedge fund Starboard Value, which had offered to buy Kohl's Corp (NYSE:KSS) for roughly $9 billion early this year, slashed its stake in the department store by more than 80% in the second quarter, according to a regulatory filing on Friday evening.

Starboard sold 2.8 million shares during the quarter, leaving it with 535,029 shares on June 30.

Starboard first invested in Kohl's during the first quarter of 2022 and the firm owned 2.59% of the company's stock, making it a top 10 holder. Investment managers are beginning to release their quarterly holdings before Monday's so-called 13-F filing deadline which details what they owned in U.S.-based companies on June 30.

In early January, before takeover talk for Kohl's heated up, the stock traded around $50 a share. On Friday, Kohl's shares closed at $33.18.

On July 1, Kohl's said it had called off its sale to Franchise Group (NASDAQ:FRG), sending the company's shares tumbling.

Starboard-backed Acacia Research Corp in January offered to buy Kohl's for $64 a share and told the company it had assurances of obtaining financing for the deal. Kohl's rejected Starboard's overtures.

Months later the company agreed to negotiate exclusively with Franchise Group Inc, which owns Vitamin Shoppe and Buddy's Home Furnishings. In late June, Franchise Group cut its offer for Kohl's to $53 and by the end of the month the company called off the planned deal, citing market volatility which had made financing conditions difficult.

Kohl's defeated hedge fund Macellum Advisors' proxy contest to win board seats in part with arguments that the current board should oversee the sales process which was ongoing.

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 EUR/USD0.9729↑ Sell
 GBP/USD1.0867↑ Sell
 USD/JPY144.20↑ Buy
 AUD/USD0.6515↑ Sell
 USD/CAD1.3614↑ Buy
 EUR/JPY140.29↑ Sell
 EUR/CHF0.9498↑ Sell
 Gold1,667.00↑ Sell
 Silver18.875↑ Sell
 Copper3.3797↑ Sell
 Crude Oil WTI81.78↑ Sell
 Brent Oil87.98↑ Buy
 Natural Gas7.016↑ Sell
 US Coffee C227.80↑ Sell
 Euro Stoxx 503,335.30Neutral
 S&P 5003,719.04↑ Sell
 DAX12,183.28Neutral
 FTSE 1007,005.39Neutral
 Hang Seng17,250.88Buy
 Small Cap 20001,725.13↑ Buy
 IBEX 357,442.20Neutral
 BASF39.415↑ Buy
 Bayer48.19Neutral
 Allianz160.72↑ Buy
 Adidas130.24↑ Buy
 Lufthansa5.772↑ Buy
 Siemens AG99.46↑ Buy
 Deutsche Bank AG7.854↑ Sell
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