Proxy advisory firm Glass Lewis backs Kohl’s in fight with activist (NYSE:KSS)



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Update 8:15pm: Provides Kohl’s affirmation of Glass Lewis advice.

Proxy adviser Glass Lewis encouraged that Kohl’s Corp. (NYSE:KSS) holders vote to elect all 13 of the board nominees management endorsed.

“In sum, we think shareholders would be finest served supporting the present-day board and its endeavours to enrich shareholder value, regardless of whether that normally takes the kind of continued oversight of the present standalone technique or viewing as a result of the ongoing sale process,” Glass Lewis reported in the report, in accordance to a Kohl’s press launch.

The Glass Lewis information comes soon after proxy advisory company ISS on Friday partially endorsed activist Macellum, stating that holders need to vote for 3 of the 10 nominees that the activist nominated to the board. Macellum place up an alternate slate of candidates before this calendar year in an attempt to get handle of the board as it carries on a push for the corporation to provide alone.

Kohl’s holders are scheduled to weigh in on the proxy battle at the firm’s yearly conference on May 11.

The information was before claimed by Reuters.

The proxy fight carries on as Kohl’s has been undergoing a strategic critique, in which it has been purchasing by itself. Previous week the NY Publish noted that KSS received an offer from Simon Property (SPG) and Brookfield Asset Administration (BAM) for $68/share.

Other bidders reportedly bidding for Kohl’s(KSS) in current months consist of Hudson’s Bay, Sycamore Associates, Acacia Analysis (ACTG) and Starboard Worth, perhaps Leonard Inexperienced and Franchise Group (FRG).


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