JCPenny offers $8.6 billion to acquire rival Kohl’s: report

Simon Property Group and Brookfield Asset Management, the owners of the department store chain JCPenney, have made an offer to acquire rival retailer Kohl’s, according to the New York Post.

The mall giant and asset manager, who bought JCPenney from bankruptcy for $ 1.75 billion in 2020, they have offered Kohl’s $ 68 per share, valuing the retailer at more than $ 8.6 billion, the Post reported, citing sources familiar with the talks.

Kohl’s shares rose more than 4% in the news on Monday.

Representatives from JCPenny, Simon Property Group, and Brookfield Asset Management did not immediately respond to requests for comment from CBS MoneyWatch.

Potential new owners would keep the two brands separate while reducing Kohl’s costs by $ 1 billion, The Post reported, citing a “well-located” but unnamed source.

Kohl’s had been pressured by activist investors to make a sale and has hired Goldman Sachs to partner with potential buyers.