(Bloomberg) -- Activist investor Macellum Capital Management plans to nominate a slate of directors at Kohl's Corp. in an attempt to take control of the retailer's board, according to people familiar with the matter.
Macellum will seek a majority of the seats on the 14-person board in an attempt to take control of it, the people said, asking not to be identified because the information was private. It couldn't be determined how many directors the New York-based firm plans to nominate by the Feb. 11 deadline.
Jonathan Duskin, Macellum's managing partner, confirmed the firm's plans for a board challenge in a statement Friday without disclosing details. In the statement, Duskin criticized Kohl's for snubbing interest from potential buyers.
“We will do everything in our power to prevent the current board from continuing to chill a normal-course sales process,” Duskin said in the statement. “Fortunately, the slate we plan to nominate in the coming days will be far more aligned, experienced and open minded when it comes to pursuing all paths to maximizing value.”
A representative for Kohl's, based in Menomonee Falls, Wisconsin, wasn't immediately available for comment.
For More: Kohl's Rejects Takeover Offers as Too Low and Hires Bankers
Macellum, which said it owns almost 5% of Kohl's common shares, has been pressuring the company to come up with ways to improve its performance, including exploring a sale. It's the second year in a row that Macellum has launched a boardroom fight at Kohl's. Last year, a group of investors that included Macellum were granted two seats on the board in a settlement with the company.
The nominations come after Kohl's said Friday it had rejected proposals to acquire the company because they undervalued the retailer. It said it had hired Goldman Sachs Group Inc. and PJT Partners Inc. to field other interest, and that it had implemented a so-called poison pill making it harder for a potential buyer to acquire the company without the board's approval.
Acacia Research Corp., which is backed by activist investor Starboard Value, had proposed buying Kohl's for $64 a share, or about $9 billion. Another private equity investor, Sycamore Partners, had also approached the company about a potential takeover, Bloomberg News reported last month.
Shares of Kohl's rose as much as 3.5% in New York trading Friday. They were up 2.2% to $59.89 at 2:34 p.m., giving the company a market value of $8.3 billion.
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