Kohl’s stock surges on potential takeover by Vitamin Shoppe operator
MILWAUKEE (AP) - Shares of the department store Kohl’s are up more than 11% after the retailer said that it is in advanced talks to be sold in a deal worth about $8 billion.
The Wisconsin chain said late Monday that it was in a three-week exclusive takeover period with the owner of Vitamin Shoppe for $60 per share. Kohl’s has more than 1,100 stores and 100,000 employees.
The potential buyer, the Franchise Group, which focuses on franchise companies, will make final financing arrangements and complete due diligence before signing off on the deal during that period. Franchise Group posted a statement saying it plans to finance the purchase by issuing $1 billion of debt and use the value of Kohl’s real estate holdings to finance the rest.
In addition to Pet Supplies Plus and The Vitamin Shoppe, its brands also include American Freight, Badcock Home Furniture & more, Buddy’s Home Furnishings and Sylvan Learning.
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