By Private-equity firm Sycamore Partners and Canada’s Hudson’s Bay plan to submit takeover bids for Kohl’s Corp.
KSS,
+14.79%
that could value the department-store chain above $9 billion, according to people familiar with the matter.
The private-equity firm and the department-store chain plan to bid in the high $60s a share for Kohl’s, which asked suitors to submit offers by Wednesday, the people said. It couldn’t be learned whether other suitors plan to bid.
A deal is far from guaranteed. Kohl’s has indicated to suitors it believes the company is worth over $70 a share, one of the people said.
Kohl’s shares closed Tuesday at $53.82. They jumped to around $58 a share Wednesday morning after Axios reported that Hudson’s Bay was considering a bid.
An expanded version of this story appears on WSJ.com.
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