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A consortium led by Acacia Research has bid about $ 9 billion on Coles.

Coles department store in Lexington, Kentucky.


Photo:

Luke Charlett / Bloomberg News

A consortium backed by activist hedge fund Starboard Value LP has contributed approximately $ 9 billion to department store purchases.

Coles Ltd

KSS -2.60%

According to people who are familiar with the problem.

People said a group led by Starboard-managed Acacia Research Corporation offered to buy a department store chain for $ 64 a share in cash on Friday. He told the company that he was guaranteed to be able to raise bid funds from bankers.

There is no guarantee that the Group will ultimately have all the necessary funding and make a solid proposal, nor will Coles accept it. Other suitors may also appear. However, Cole’s stock closed at $ 46.84 on Friday, so the bid represents a 37% premium.

(This story will be updated.)

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A consortium led by Acacia Research has bid about $ 9 billion on Coles.

Source link A consortium led by Acacia Research has bid about $ 9 billion on Coles.

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