Analyst: Kohl’s bid rejection was unexpected, likely to spark proxy war ‘uglier’ than last year’s

The recent move by Kohl’s Corp. to reject a $9 billion takeover bid is considered a plot twist in the ongoing saga of the retailer’s turnaround efforts. “I didn’t think it would go down this way,” said David Swartz, equity analyst at Morningstar Research Services LLC, in an email. “Now, Kohl’s faces another proxy battle,

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