JCPenney Offers To Buy Rival Kohl’s For $8.6 Billion

The New York Post reports:

The owners of JCPenney have made an offer to acquire archrival Kohl’s in a deal that could value the department-store chain at upwards of $8.6 billion, The Post has learned.

Under the proposal, shopping-mall giant Simon Property and Canada-based Brookfield Asset Management — which together scooped JCPenney out of bankruptcy in December 2020 — have offered to acquired Kohl’s for $68 a share, according to sources close to the talks.

One well-placed source told The Post that the plan is for JCPenney’s corporate parents to continue to maintain two separate brands while streamlining operations and cutting costs.

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