Kohl’s enters into acquisition negotiations with Franchise Group

US department store chain Kohl’s Corporation has announced that it will be entering into exclusive negotiations with Franchise Group, Inc. (FRG) following a number of final proposals in its sales process.

Over a three week period, the retail group will be evaluating the holding company’s proposal to acquire Kohl’s for 60 dollars per share.

In a release, the retailer said: “The purpose of the exclusive period is to allow FRG and its financing partners to finalise due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation.”

It added that it will have no further comment until an agreement is reached or the discussions are terminated, with the transaction remaining subject to approvals from the board of directors of both companies.

Kohl’s continued that its board of directors are remaining focused on the selection of a path that “maximises value for all Kohl’s shareholders”.