Replace 8:15pm: Provides Kohl’s affirmation of Glass Lewis advice.
Proxy adviser Glass Lewis really useful that Kohl’s Corp. (NYSE:KSS) holders vote to elect all 13 of the board nominees administration endorsed.
“In sum, we imagine shareholders could be greatest served supporting the present board and its efforts to reinforce shareholder worth, whether or not that takes the type of continued oversight of the present standalone technique or seeing via the continuing sale course of,” Glass Lewis stated within the report, in accordance with a Kohl’s press release.
The Glass Lewis information comes after proxy advisory agency ISS on Friday partially endorsed activist Macellum, saying that holders ought to vote for 3 of the ten nominees that the activist nominated to the board. Macellum put up an alternate slate of candidates earlier this 12 months in an try and take management of the board because it continues a push for the corporate to promote itself.
Kohl’s holders are scheduled to weigh in on the proxy battle on the firm’s annual assembly on Might 11.
The information was earlier reported by Reuters.
The proxy battle continues as Kohl’s has been present process a strategic evaluate, the place it has been buying itself. Final week the NY Submit reported that KSS received an offer from Simon Property (SPG) and Brookfield Asset Administration (BAM) for $68/share.
Different bidders reportedly bidding for Kohl’s(KSS) in latest months embrace Hudson’s Bay, Sycamore Companions, Acacia Analysis (ACTG) and Starboard Worth, presumably Leonard Green and Franchise Group (FRG).