Kohl's investors slap away activist's director slate
Kohl's shareholders voted to re-elect all 13 of the department store's nominees, according to a preliminary count following Wednesday's annual shareholder meeting, beating out activist investor Macellum's slate.
Why it matters: The shareholder vote and results of the board election play a critical role in the future of the company, as Kohl's has withstood an intense attack from Macellum, which nominated 10 directors and has pressured the company to put itself up for sale.
What we're watching: During the proxy fight, suitors interested in a Kohl's takeover emerged, including Hudson's Bay and a joint bid by Simon Property Group and Brookfield Asset Management.
- With the results of the board election nearly final, all eyes are on whether the acquisition interest in Kohl's turns into a full sale process or if the company elects to go forward on its own.
- "The board remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value," said chair Peter Boneparth in a statement on Wednesday.