Kohl's holders reject all of activist Macellum's 10 board nominees (update)

May 11, 2022 9:58 AM ETKohl's Corporation (KSS)SPG, BAM, ACTG, FRG, BAM.A:CABy: Joshua Fineman, SA News Editor9 Comments

Kohl"s store front

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Update 9:58am: Adds Kohl's confirmation.

Kohl's (NYSE:KSS) investors reject all 10 of activist Macellum's nominees at the department store chain's annual meeting today.

Kohl's said that based on a preliminary vote count all 13 of its directed were re-elected to the board, according to a statement.

Macellum, which owns a nearly 5% stake in Kohl's (KSS), has been engaged in a proxy fight for for Kohl's for months as the activist tries to push the company to overhaul its board and sell itself.

“While we have had differences with Macellum, this Board is committed to serving the interests of all our shareholders," Kohl's (KSS) said in the statement. "The Board remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value."

The expected rejection comes after proxy firm Glass Lewis last week recommended Kohl's (KSS) holdesr vote to elect all 13 of the retailer's board nominees and proxy firm ISS recommended holders vote for 2 of the 10 nominees from Macellum.

The voting results were earlier reported by Bloomberg.

In the midst of the proxy battle, Kohl's has been undergoing a strategic review, where it has been shopping itself. Last week the NY Post reported that KSS received an offer from Simon Property (SPG) and Brookfield Asset Management (BAM) for $68/share.

Other bidders reportedly bidding for Kohl's (KSS) in recent months include Hudson's Bay, Sycamore Partners, Acacia Research (ACTG) and Starboard Value, possibly private equity firm Leonard Green and Franchise Group (FRG).

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