Franchise Group may look to renegotiate Kohls $8B price, source says


78
17 shares, 78 points

New York Post

The CEO of Franchise Group seems to be getting cold feet over his $8 billion bid to purchase beleaguered retailer Kohl’s.

Brian Kahn, who has until Monday before the window closes on his exclusive talks with Kohl’s, has taken a much more cautious tone as he meets with the company’s shareholders, a source with direct knowledge of one of the meetings told The Post on Wednesday.

Franchise Group, owner of Vitamin Shoppe, and Kohl’s announced June 6 they had reached an agreement to negotiate what would be a deal at $60 a share.

However, CNBC reported Wednesday afternoon that Franchise Group was considering lowering its bid to closer to $50. The news sent Kohl’s already deflated stock price plunging by 8.8 percent to close at $38.61.

A Franchise Group spokesman did not return calls. Kohl’s also did not return a call from The Post.

Vitamin Shoppe storeCEO Brian Kahn of Franchise Group — the parent of Vitamin Shoppe — has until Monday before the window closes on his exclusive talks with Kohl’s.

LightRocket via Getty Images

In private discussions with Kohl’s investors last week, Kahn told them he might extend talks with the retailer’s CEO Michelle Gass past the agreed upon three weeks, but that he would not try to renegotiate the $60-a-share price, according to the source.

Kahn has apparently changed his tune, telling Kohl’s investors in private …

Advertisements

Like it? Share with your friends!

78
17 shares, 78 points

What's Your Reaction?

hate hate
13
hate
confused confused
6
confused
fail fail
1
fail
fun fun
16
fun
geeky geeky
15
geeky
love love
10
love
lol lol
11
lol
omg omg
6
omg
win win
1
win