Proxy advisory firm Glass Lewis backs Kohl’s in combat with activist (NYSE:KSS)

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Update 8:15pm: Adds Kohl’s confirmation of Glass Lewis advice.

Proxy adviser Glass Lewis suggested that Kohl’s Corp. (NYSE:KSS) holders vote to elect all 13 of the board nominees administration endorsed.

“In sum, we believe that shareholders would be most effective served supporting the present-day board and its attempts to increase shareholder benefit, no matter whether that can take the form of continued oversight of the current standalone strategy or observing by means of the ongoing sale course of action,” Glass Lewis stated in the report, in accordance to a Kohl’s push launch.

The Glass Lewis news arrives after proxy advisory firm ISS on Friday partially endorsed activist Macellum, indicating that holders ought to vote for 3 of the 10 nominees that the activist nominated to the board. Macellum put up an alternate slate of candidates before this 12 months in an endeavor to just take regulate of the board as it continues a drive for the business to offer by itself.

Kohl’s holders are scheduled to weigh in on the proxy fight at the firm’s yearly conference on Might 11.

The information was before claimed by Reuters.

The proxy battle proceeds as Kohl’s has been undergoing a strategic critique, where by it has been purchasing itself. Very last week the NY Publish noted that KSS acquired an offer from Simon House (SPG) and Brookfield Asset Management (BAM) for $68/share.

Other bidders reportedly bidding for Kohl’s(KSS) in current months consist of Hudson’s Bay, Sycamore Associates, Acacia Analysis (ACTG) and Starboard Worth, quite possibly Leonard Environmentally friendly and Franchise Group (FRG).