That’s a lot of Kohl’s Cash.
Simon Property Group and Brookfield Asset Management, owners of department store JCPenney, have reportedly made an offer to acquire one of the company’s biggest competitors: Kohls.
JCPenney’s owners have offered to buy the store at $68 a share, valuing Kohl’s at roughly $8.6 billion, according to a report from the New York Post.
Shares of Kohl’s were selling at $56.43 on Monday, according to the report.
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The brands would remain separate, a source told the New York Post, and the owners would maintain the two distinct stores. They also plan to cut costs within Kohl’s by $1 billion over a course of three years.
This is a breaking story and will be updated.
