Kohl’s Board of Directors Enters into Three-Week Exclusive Negotiations with Franchise Group

Kohl’s Corporation (“Kohl’s” or the “Company”) (NYSE: KSS) announced today that following the receipt of final proposals, the Kohl’s Board of Directors has entered into exclusive negotiations with Franchise Group, Inc. (“FRG”), a holding company of a collection of market-leading and emerging brands, for a period of three weeks in relation to FRG’s proposal to acquire the Company for $60.00 per share. The purpose of the exclusive period is to allow FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation.

The transaction remains subject to approvals of the Boards of Directors of both companies. There can be no assurances that any agreement will be reached or that a transaction will be agreed or completed on the terms set forth above or otherwise. The Company will have no further comment until an agreement is reached or the discussions are terminated.

Kohl’s Board of Directors remains focused on selecting the path that maximizes value for all Kohl’s shareholders.
https://investors.kohls.com/news-releases/news-details/2022/Kohls-Board-of-Directors-Enters-into-Three-Week-Exclusive-Negotiations-with-Franchise-Group/default.aspx

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