Hudson’s Bay considers bid for Kohl’s

(Reuters) -Canadian retailer Hudson (NYSE:)’s Bay, the proprietor of Saks Fifth Avenue, is contemplating a bid for U.S. division retailer operator Kohl’s Corp (NYSE:), Axios reported on Wednesday, citing sources.

Shares of the corporate, which is going through strain from activist traders to promote itself, rose about 7% to $57.58, valuing the corporate at about $8 billion.

Kohl’s rejected two separate takeover bids earlier this 12 months, however stated this month that it was in contact with greater than 20 events and has supplied a few of them entry to extra monetary information.

“The board will measure potential bids in opposition to a compelling standalone plan,” Kohl’s stated in an emailed assertion on Wednesday, including the engagement with potential bidders was “sturdy and ongoing”.

Hudson’s Bay didn’t reply to a Reuters request for remark.

Kohl’s had rejected the between $64 and $65 per share buyout provides from Sycamore Companions and Starboard Worth-backed Acacia Analysis that valued the corporate at round $9 billion.

Activist traders Macellum Advisors GP LLC and Engine Capital LP have each referred to as on the corporate to promote itself.

Final month, Kohl’s adopted a shareholder rights plans to guard itself from hostile takeovers.

Hudson’s Bay was taken personal by its chairman, Richard Baker, in 2020.