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Published
Apr 28, 2022
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J.C. Penney owners could buy Kohl's in $8.6bn deal - report

Published
Apr 28, 2022

Simon Property Group and Brookfield Asset Management have reportedly made a bid for Kohl’s.

JC Penney owners bid on Kohl's in $8.6bn deal - Facebook: Simon Property Group


According to The New York Post, together they have offered to acquire Kohl’s for $68 a share, valuing the department store at some $8.6 billion.

It’s not the first time Simon Property Group and Brookfield Asset Management have teamed up. Most recently, they acquired nearly all the assets of J.C. Penney, who had filed for bankruptcy in May 2020. They also purchased fast-fashion retailer Forever 21 in 2020, and teen retailer Aeropostale in 2016. 

As part of the deal, a single management team was proposed to operate J.C. Penney and Kohl’s, and to merge information technology systems under one unit, according to a source.

Earlier this month, Kohl's sent out a letter to its shareholders, outlining the strength of its board of directors, following criticism from activist investor Macellum. The investor, who owns around 5.5% of Kohl’s stock, had been pressuring Kohl’s to improve performance or consider a sale of the company, since January.

At that time, Kohl’s said it acknowledged receiving indications of interest from potential buyers and confirmed they engaged with at least 20 parties for a potential sale. Others who are said to have bid for Kohl’s include the Hudson’s Bay Co., Sycamore Partners, Leonard Green & Partners, as well as Starboard Value’s Acacia Research Corp.

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