Starboard-led Acacia confirms talks with Kohl's

Acacia Research Corp, controlled by activist hedge fund Starboard Value LP, confirmed late Monday it has offered to buy department store Kohl’s Corp. KSS, +36.02% for $64 a share in cash. The Wall Street Journal reported Acacia’s interest over the weekend, with Kohl’s confirming Monday that it had multiple proposals on the table. “In conversations related to the proposal, representatives of Acacia and Kohl’s discussed Acacia’s business strategy and prospective plans with respect to Kohl’s,” and Jefferies LLC is acting as financial advisor to Acacia, Acacia said in a filing late Monday. Kohl’s shares inched higher in the extended session Monday after rallying 36% in the regular trading day.