MILWAUKEE- Weeks of negotiations between Kohls and Franchise Group come to an end with no sale agreement.
According to our news partners at the Milwaukee Business Journal, the two sides were unable to come to an agreement after a four week exclusive negotiating period.
In a written statement, Kohls chairman Peter Boneparth said Kohls will continue, for now, to operate as its own company.
“As always, the board remains open to all opportunities to maximize value for shareholders, and we look forward to actively engaging with our shareholders as we move forward to ensure we are considering their perspectives in our plans,” he said.
Franchise Group initially offered to purchase Kohls at $60-per-share but later reduced the price to $53-per-share without securing a financing agreement. The $60-per-share price valued Kohls at around $8-billion, quite a bit more than Franchise Group itself is worth with a market cap of around $2-billion.