Kohl's shares plunged 18% in morning trading.
Kohl's Corp. $(KSS)$ announced Friday that takeover talks with Franchise Group have ended without a deal. Franchise Group $(FRG)$ was the top bidder at $60 per share after Kohl's engaged with 25 companies.
"Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement. Given the environment and market volatility, the Board determined that it simply was not prudent to continue pursuing a deal," said Peter Boneparth, board chair, in a statement.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments