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Franchise's bid of $60 per share constitutes a 42.5% premium to Kohl's closing price of $42.12 on June 6.
The discussion will go on for three weeks to allow the parties time to agree on binding documentation and for the Franchise Group to finalize financing arrangements.
Kohl's said its Board remains focused on selecting the path that maximizes value for all shareholders.
If Franchise Group and Kohl's enter into a definitive agreement, Franchise Group intends to contribute approximately $1 billion of capital to the transaction.
Price Action: KSS shares are trading higher by 13.5% at $47.80 in premarket on the last check Tuesday.
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