By Praveen Paramasivam

(Reuters) -Canadian division retailer chain Hudson (NYSE:)’s Bay Co is bidding for American peer Kohl’s Corp (NYSE:), a supply aware of the matter advised Reuters.

Shares of the U.S. retailer, which is going through strain from activist traders to promote itself, rose as a lot as 17% to $62.98, valuing the corporate at about $8.76 billion.

The Wall Road Journal on Wednesday reported, citing individuals aware of the matter, that non-public fairness agency Sycamore Companions and Hudson’s Bay had been planning bids within the excessive $60s per share.

Kohl’s has requested suitors to submit affords by Wednesday, the report mentioned. It added that the corporate has indicated it believed it was value over $70 per share, citing one of many individuals.

Sycamore Companions declined to remark.

Kohl’s had beforehand rejected two buyout affords, valuing it at between $64 and $65 per share, from Sycamore and Starboard Worth-backed Acacia Analysis. However Kohl’s mentioned this month that funding financial institution Goldman Sachs (NYSE:) spent January, February and March speaking to greater than 20 events, including it had offered a couple of of them entry to extra monetary knowledge.

Axios was the primary to report that Hudson’s Bay was contemplating a bid for Kohl’s.

“The board will measure potential bids towards a compelling standalone plan,” Kohl’s mentioned in an emailed response on Wednesday, including the engagement with potential bidders was “sturdy and ongoing”.

Saks Fifth Avenue-parent Hudson’s Bay Co is owned by HBC.