The battle over the Kohl’s future amped up as activist investment firm Macellum Advisors announced that it is seeking control of the retailer’s boardroom with a slate of 10 directors to be nominated at the company’s annual meeting. The move comes after Kohl’s rejected two go-private offers from Sycamore Partners and Acacia Search Corp. and adopted a poison pill strategy where existing shareholders have the right to acquire KSS shares at a 50% discount if any person or entity accumulates more than 10% of the company’s common stock.

In a letter to shareholders, Macellum—which owns nearly 5% of outstanding common shares—charged ... Log in to view full article.