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Starboard sold 2.8 million shares during the quarter, leaving it
with 535,029 shares on June 30.
Starboard first invested in Kohl's during the first quarter of
2022 and the firm owned 2.59% of the company's stock, making it
a top 10 holder. Investment managers are beginning to release
their quarterly holdings before Monday's so-called 13-F filing
deadline which details what they owned in U.S.-based companies
on June 30.
In early January, before takeover talk for Kohl's heated up, the
stock traded around $50 a share. On Friday, Kohl's shares closed
at $33.18.
On July 1, Kohl's said it had called off its sale to Franchise
Group, sending the company's shares tumbling.
Starboard-backed Acacia Research Corp in January offered to buy
Kohl's for $64 a share and told the company it had assurances of
obtaining financing for the deal. Kohl's rejected Starboard's
overtures.
Months later the company agreed to negotiate exclusively with
Franchise Group Inc, which owns Vitamin Shoppe and Buddy's Home
Furnishings. In late June, Franchise Group cut its offer for
Kohl's to $53 and by the end of the month the company called off
the planned deal, citing market volatility which had made
financing conditions difficult.
Kohl's defeated hedge fund Macellum Advisors' proxy contest to
win board seats in part with arguments that the current board
should oversee the sales process which was ongoing.
(Reporting by Svea Herbst-Bayliss in Boston; Editing by Matthew
Lewis)
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