T. Rowe Price Has Said That It Intends to Support Kohl's Proxy War Against Macellum

At the May 11 meeting, investors will have the opportunity to vote. At the end of December, T. Rowe Price held 6.8 million shares, or 5.29 percent of the firm.

Kohl's has been criticized by Macellum, lead by Jonathan Duskin, of not doing enough to enhance its company. The fund requested that the company sell itself, which it is currently doing by reviewing potential bidders.

The struggle for control of Kohl's boardroom has developed into one of the year's most heated proxy fights, occurring as the business evaluates possible bidders' offers.

Franchise Group (NASDAQ:FRG), the owner and operator of retail chains like The Vitamin Shoppe and Buddy's Home Furnishings, joined the market last week with a $9 billion indicative offer.

Kohl's has said that during the previous several months, its investment bankers have spoken with more than 20 possible purchasers.

Macellum has also pushed for changes at Kohl's twice in the last two years. It ran a campaign last year to replace nine board members, partnering with hedge funds Ancora Holdings Inc and Legion Partners Asset Management LLC. When Kohl's increased the size of its board of directors by three directors, the investors agreed to drop that challenge.