The Franchise Group, operator of The Vitamin Shoppe health and wellness chain, has entered into an exclusive three week period of sale negotiations with Kohl’s Corp.
Kohl’s said Monday evening that The Vitamin Shoppe had been given the three week period to complete its due diligence and arrange financing for an acquisition of Kohl’s. The Vitamin Shoppe is offering $60 a share to acquire Kohl’s.
However, Kohl’s said there is no guarantee a deal with The Vitamin Shoppe would be consummated.
Kohl’s provided no further details of The Vitamin Shoppe’s bid.
While TVS is now the lead bidder, there have been other bidders including Sycamore Partners, as well as Simon Property Group and Hudson Bay Co., which are believed to have decided not to pursue Kohl’s after showing interest earlier this year. Preliminary offers from different parties were in the $60 plus range.
FOR MORE FROM WWD.COM ON KOHL’S, SEE:
A Bid for Kohl’s: What’s Simon Thinking?
Kohl’s Corp. Taking a Closer Look at Bids
Kohl’s Doubles Down on Store Experience
