Kohl’s Provides Update on Ongoing Review of Expressions of Interest

Rhea-AI Summary

Kohl's Corporation (NYSE: KSS) announced that its Board of Directors is reviewing multiple preliminary offers for acquisition. These offers are currently non-binding and lack committed financing. The Board has engaged Goldman Sachs to assist selected bidders in refining their proposals to include committed financing. The Finance Committee, comprised of independent directors, is overseeing this review, which follows a settlement agreement with Macellum Advisors GP, LLC. This process reflects Kohl's ongoing efforts to explore strategic options for growth and shareholder value enhancement.

Positive

• Engagement of Goldman Sachs to assist bidders could lead to improved acquisition proposals.
• Ongoing interest from multiple bidders indicates confidence in Kohl’s market position.

Negative

• Proposals received are non-binding and lack committed financing, indicating uncertainty.

MENOMONEE FALLS, Wis.--(BUSINESS WIRE)-- Kohl’s Corporation (NYSE:KSS) (“Kohl’s” or the “Company”) today provided the following update regarding the Board of Directors’ ongoing review of expressions of interest in acquiring the Company.

The Board acknowledged receipt of multiple preliminary indications of interest. The proposals received are non-binding and without committed financing.

The Board has authorized Goldman Sachs to coordinate with select bidders who have submitted indications of interest to assist with further due diligence so that they have the opportunity to refine and improve their proposals and include committed financing and binding documentation.

As announced on February 4, 2022, the Finance Committee of the Board is leading the ongoing review of any expressions of interest. The Finance Committee, which was formed pursuant to the 2021 settlement agreement with Macellum Advisors GP, LLC and other shareholders, is comprised exclusively of independent directors.

About Kohl's

Kohl’s (NYSE: KSS) is a leading omnichannel retailer. With more than 1,100 stores in 49 states and the online convenience of Kohls.com and the Kohl's App, Kohl's offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl’s is uniquely positioned to deliver against its strategy and its vision to be the most trusted retailer of choice for the active and casual lifestyle. Kohl’s is committed to progress in its diversity and inclusion pledges, and the company's environmental, social and corporate governance (ESG) stewardship. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005388/en/

Investor Relations:

Mark Rupe, (262) 703-1266, mark.rupe@kohls.com

Media:

Jen Johnson, (262) 703-5241, jen.johnson@kohls.com

Lex Suvanto, (646) 775-8337, lex.suvanto@edelman.com

Source: Kohl's

FAQ

What is the current status of Kohl's acquisition proposals?

Kohl's Board is reviewing multiple preliminary expressions of interest, which are non-binding and without committed financing.

Who is coordinating the acquisition review for Kohl's?

Goldman Sachs has been authorized by Kohl's Board to assist with the review of acquisition proposals.

What is the role of the Finance Committee in Kohl's acquisition process?

The Finance Committee, made up of independent directors, is leading the ongoing review of acquisition expressions of interest.

When was the acquisition review process initiated for Kohl's?

The ongoing review process was announced on February 4, 2022.

What might happen if bidders improve their proposals for Kohl's?

If bidders refine their proposals to include committed financing, it could advance the acquisition process.