WilliamFish
2022-01-25
O
Macellum Asks Kohl's for Board Seat, Public Commitment to Explore Sale
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"Investors want an organized sales process."</p><p>He wants Kohl's to provide at least one unconditional board seat for a Macellum representative and to have that person lead a new committee that will oversee the review process, the letter said.</p><p>"We do not have faith in the current board to run this process on its own, nor do we believe the Board is capable of objectively evaluating possible bids," Duskin wrote.</p><p>A representative for Kohl's declined to address the Macellum letter directly on Tuesday and referred back to a statement from Monday which said the company will not make further public comment on expressions of interest unless "it is in the best interests of the shareholders."</p><p>Kohl's is exploring its options, including a possible sale, with advice from investment bank Goldman Sachs, two sources familiar with the matter said.</p><p>The people with knowledge of the matter declined to be identified because they were not permitted to discuss it publicly.</p><p>Pressure has been building on Kohl's since last week when Macellum said it planned to nominate directors to the board and wanted the company to consider a sale, and when Reuters reported that Acacia Research was preparing a bid for the company.</p><p>Duskin is ratcheting up that pressure less than a year after he and others reached a settlement that saw the company add three new directors.</p><p>He said in the letter reviewed by Reuters that he may take legal action or run another proxy contest if Kohl's board "chills" a sale process.</p></body></html>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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