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Kohl’s shares jump 14% after reports say Hudson’s Bay, Sycamore are preparing bids

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The Kohl’s logo is displayed on the exterior of a Kohl’s store on January 24, 2022 in San Rafael, California.
Justin Sullivan | Getty Images

Kohl’s shares jumped more than 5% Wednesday morning after a report said that another department store chain is mulling a buyout of the retailer.

The Canadian department store chain Hudson’s Bay is considering a bid, said Axios, which based its reporting on conversations with multiple sources.

Private equity firm Sycamore Partners is also considering a bid for Kohl’s, Axios said. Though it’s unclear whether or not Sycamore is serious, according to the report.

Representatives from Kohl’s, Hudson’s Bay and Sycamore didn’t immediately respond to CNBC’s request for comment.

The rumors of potential suitors come as Kohl’s has already said an offer from Starboard-backed Acacia Research, of $64 per share, was too low. Kohl’s shares opened Wednesday at $54.46. The stock is up about 14% this year.

This story is developing. Please check back for updates.

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