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Kohl's provides updates on proxy contest, potential bidders

Richard Collings
Illustrated collage of a hand casting a ballot with a mailbox and laptop in the background

Illustration: Sarah Grillo/Axios

Kohl's issued two releases today: one on the acquisition interest it has received, the other on proxy voting information (together with a shareholder letter) ahead of its showdown with Macellum Advisors.

Why it matters: The battle between a nationwide retailer and an activist investor is headed to a shareholder vote that (if it goes the distance) could determine the fate of the $8.1 billion business.

Of note: Kohl's shareholder letter highlighted the company's growth initiatives and financial wins and urged investors to vote for the Blue proxy card.

  • Like all proxy fights, this is an early round of what will be several investor mailing blasts by both Kohl's and Macellum.

Meanwhile, the company's board of directors acknowledged receipt of multiple preliminary indications of interest, adding that "the proposals received are non-binding and without committed financing."

  • Goldman Sachs will coordinate with select bidders to assist with due diligence, the company said.
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