Kohl’s soars as retailer fields interest from two suitors

Kevin Miller and Scott Deveau

Kohl’s Corp. surged in premarket trading as the department-store retailer fields interest from two suitors at the same time that it’s grappling with multiple activist investors pressuring it to sell.

Sycamore Partners reached out to Kohl’s about a potential deal, Bloomberg News reported Sunday, citing people familiar with the matter. That development came just days after a suitor backed by hedge fund Starboard Value LP emerged with a bid of $64 a share -- a 37% premium to Kohl’s Jan. 21 closing price -- worth about $9 billion. Kohl’s issued a statement Monday confirming that it has received “letters expressing interest in acquiring the company.”