Scoop: Hudson's Bay considers bid for Kohl's
Hudson's Bay, the Canadian department store, is considering a bid for U.S. retailer Kohl's, sources tell Axios.
Why it matters: The entry of Hudson's Bay into the Kohl's sale process pits the Toronto-based company against at least one other suitor and adds bid tension to an auction that was prompted, in part, by an activist investor.
- Kohl's has rebuffed Acacia Research, a company backed by activist Starboard Value, that offered to pay $64 per share for the $7.5 billion company.
- Sources say Sycamore Partners is also considering a bid but whether the private equity firm is serious or just kicking the tires remains unclear.
What we're watching: The next round of bidding is due shortly, which will reveal whether suitors are willing to submit official offers worthy of consideration or if Kohl's and its advisers believe they undervalue the business.
- Kohl's did not immediately respond for a request seeking comment. Hudson's Bay declined to comment.
More details coming in Wednesday's Axios Pro Retail Deals newsletter.