Franchise Group enters exclusive talks over Kohl’s sale

Kohl’s Corp (KSS.N) has entered exclusive negotiations with retail store operator Franchise Group Inc (FRG.O) over a potential sale of the department store chain. The bid of $60 per share constitutes a premium to the closing price of $42.12 on Monday, giving it a market value of about $5.4 billion. Several bidders, including private-equity firm Sycamore Partners and J.C. Penney investors, had submitted competing offers for the U.S. department store. The deal is subject to board approval and provided no assurance that an agreement would be finalised. The companies have entered into a three-week-long exclusive discussion, the companies said late on Monday. . . .