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Investor Group Urges Shareholders to Reject Kohl’s Misinformation Campaign
April 6, 2021 GMT
NEW YORK (BUSINESS WIRE) Apr 6, 2021
Macellum Advisors GP, LLC (together with its affiliates, “Macellum”), Ancora Holdings, Inc. (together with its affiliates, “Ancora”), Legion Partners Asset Management, LLC (together with its affiliates, “Legion Partners”), and 4010 Capital, LLC (together with its affiliates, “4010 Capital” and, together with Macellum, Ancora and Legion Partners, the “Investor Group”) today issued a letter to shareholders in connection with its nominations of five candidates for election to the Board of Directors (the “Board”) of Kohl’s Corporation (NYSE: KSS) (“Kohl’s” or the “Company”). The Investor Group is deemed to beneficially own, in the aggregate, 14,696,905 shares of the Company’s common stock, including 2,447,000 shares underly
War of Words Heats Up Between Kohl s and Activist Investors
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Activist investors after Kohl s solidify proxy for contested election
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Activist investors have slightly shifted their strategy to take over the board at
Kohl’s Corp., reducing their director nominations from nine to five candidates.
The group, which includes Macellum Advisors GP LLC, Ancora Holdings Inc., Legion Partners Asset Management LLC and 4010 Capital LLC and collectively owns 9.5% of the retailer’s outstanding stock, publicly launched a campaign last month to overhaul Kohl’s 12-person board in an effort to improve financial performance.
Kohl’s continues to
In a revised proxy
statement Thursday morning, the investors called on stockholders to elect their five nominees as replacements for who they identify as the five “least qualified” incumbent board directors. Those directors include John Schlifske, chairman, president and CEO of Northwestern Mutual, and Jonas Prising, chairman and CEO of Manpower Group. This is the first time the group has targeted specific board members by name, saying they “lack relevant retail and gover