Why Are Kohl's Shares Trading Higher Today

Hudson's Bay, the owner of American luxury department store chain Saks Fifth Avenue, is planning a bid for the department store chain Kohl's Corp KSS, Reuters reported.
Related: Kohl's Dismisses Takeover Offers: What Investors Need To Know
In another development, Engine Capital LP issued a letter to the board of Kohl's, urging the sale of the company.
Engine Capital stated it is disappointed with the financial guidance presented at the company's recent analyst day.
Engine Capital urged that the best offer, whether $65 per share or hopefully higher, should be negotiated and put in front of shareholders for a vote.
Price Action: KSS shares are trading higher by 6.69% at $57.42 on the last check Wednesday.