Connect with us

Business

Kohl’s Plunges on Report Bidder Considers Lowering Offer to $50/share (update)

Daniel

Published

on

Justin Sullivan/Getty Images News

Update 9:40pm: Adds reporting from NY Post on meetings this week.

Kohl’s (NYSE:KSS) dropped 9% on a report Wednesday that bidder Franchise Group (NASDAQ:FRG) is considering lowering its offer to $50/share from $60/share. Franchise Group ticked up 0.6%.

Franchise Group is evaluating whether acquiring Kohl’s (KSS) is the best way to deploy the firm’s capital, according to a CNBC report, citing a person close to the deal talks. FRG appears to be worried that certain retailers may be hurt if the economy gets weaker and goes into a recession.

Franchise Group (FRG) CEO Brian Kahn is said to have told investors in private meetings this week that he may try to negotiate the deal price, though he hasn’t spoken to Kohl’s (KSS) yet, according to a NY Post report.

The update comes after Kohl’s (KSS) announced earlier this month that it entered exclusive talks with Franchise (FRG) for a potential $60/share sale of the department store chain. The Kohl’s board announced it entered exclusive negotiations with FRG for a period of three weeks.

The latest news also follows a Reuters report from Tuesday that FRG is said in talks to retain Kohl’s (KSS) management, including the department store’s CEO Michelle Gass, if a planned sale is completed.

A week ago the NY Post reported that Vitamin Shoppe parent Franchise Group (FRG) was still committed to the $60/share deal.

Read More

Source Here: seekingalpha.com

Business

Hot Stocks: BIDU Leads Chinese Tech Stocks Higher; PTON, ODFL Rise on Earnings; SNAP Drops

Daniel

Published

on

Stocks surged in the wake of the Federal Reserve’s latest interest rate announcement, with the Nasdaq ending Wednesday’s session higher by 2%. Investors focused on comments from Fed Chair Jerome Powell suggesting that the central bank was starting to make progress in its fight against inflation.

Read More

Article: seekingalpha.com

Continue Reading

Business

U.S. Beginning to Detain Some Chinese Aluminum Imports, Top Shipper Says

Daniel

Published

on

Funtay/iStock via Getty Images

The U.S. has started to detain imports of aluminum products suspected of being made through forced labor, particularly from China’s Xinjiang region, shipper A.P. Moller-Maersk (OTCPK:AMKBY) said Tuesday, according to Bloomberg.

U.S. Customs has begun issuing “detention notices” for such products, the shipper said in an advisory, adding the action probably would target aluminum used in automotive parts.

Read More

Original Article: seekingalpha.com

Continue Reading

Business

Gas Stove Controversy Heats up Again As Second U.S. Agency Proposes Limits

Daniel

Published

on

HJBC/iStock via Getty Images

Gas stoves are coming under renewed scrutiny as the U.S. Department of Energy published a proposal Wednesday for new regulations for the appliances, some of which have never been subject to federal efficiency standards.

The proposed rule-making would set new efficiency standards for both electric and gas cooking tops, preventing them from exceeding set levels of energy use per year.

Read More

Original Source: seekingalpha.com

Continue Reading

Trending

MQRV.com