Kohl’s Rejects $9 Billion Takeover Bid, Adopts Poison Pill

Kohl’s Rejects $9 Billion Takeover Bid, Adopts Poison Pill

Retailer said its board would review other offers after several investor groups have expressed interest

Kohl’s Corp. on Friday rejected a $9 billion takeover offer by an activist group for being too low, but said it would review other expressions of interest in the department-store chain.

The company also adopted a shareholder-rights plan, also known as a poison pill, that makes it difficult for an activist group to acquire more than 10% of the company.

Kohl’s said the plan, which will be in effect for a year, will allow the board to conduct an orderly review of potential offers.

“We have a high degree of confidence in Kohl’s transformational strategy, and we expect that its continued execution will result in significant value creation,” said Kohl’s…