Update 8:15pm: Adds Kohl’s confirmation of Glass Lewis recommendation.
Proxy adviser Glass Lewis recommended that Kohl’s Corp. (NYSE:KSS) holders vote to elect all 13 of the board nominees management endorsed.
“In sum, we believe shareholders would be best served supporting the current board and its efforts to enhance shareholder value, whether that takes the form of continued oversight of the existing standalone strategy or seeing through the ongoing sale process,” Glass Lewis said in the report, according to a Kohl’s press release.
The Glass Lewis news comes after proxy advisory firm ISS on Friday partially endorsed activist Macellum, saying that holders should vote for 3 of the 10 nominees that the activist nominated to the board. Macellum put up an alternate slate of candidates earlier this year in an attempt to take control of the board as it continues a push for the company to sell itself.
Kohl’s holders are scheduled to weigh in on the proxy battle at the company’s annual meeting on May 11.
The news was earlier reported by Reuters.
The proxy battle continues as 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 Leonard Green and Franchise Group (FRG).