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

Update 8:15pm: Provides Kohl’s affirmation of Glass Lewis advice.

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

“In sum, we consider shareholders would be very best served supporting the latest board and its initiatives to enrich shareholder value, irrespective of whether that normally takes the kind of continued oversight of the current standalone strategy or looking at via the ongoing sale method,” Glass Lewis stated in the report, according to a Kohl’s press launch.

The Glass Lewis information will come after proxy advisory agency ISS on Friday partially endorsed activist Macellum, saying that holders really should vote for 3 of the 10 nominees that the activist nominated to the board. Macellum set up an alternate slate of candidates earlier this calendar year in an try to just take command of the board as it continues a drive for the company to market alone.

Kohl’s holders are scheduled to weigh in on the proxy struggle at the company’s yearly conference on May possibly 11.

The information was earlier reported by Reuters.

The proxy battle proceeds as Kohl’s has been going through a strategic critique, the place it has been shopping itself. Final 7 days the NY Put up claimed that KSS gained an supply from Simon Assets (SPG) and Brookfield Asset Administration (BAM) for $68/share.

Other bidders reportedly bidding for Kohl’s(KSS) in new months incorporate Hudson’s Bay, Sycamore Partners, Acacia Exploration (ACTG) and Starboard Worth, probably Leonard Environmentally friendly and Franchise Group (FRG).