Kohl’s Corp. rejected a $9 billion takeover offer by an activist group for being too low, but said it would review other expressions of interest in the department-store chain.
The company also adopted a shareholder-rights plan, also known as a poison pill, that makes it difficult for an activist group to acquire more than 10% of the company. Kohl’s said the plan, which will be in effect for a year, will allow the board to conduct an orderly review of potential offers.