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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "notes": "The table shows a pro forma adjustment to 2021 financials, highlighting a 64% increase in EPS.",
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      "text": "Our nominees are committed to evaluating a sale leaseback transaction to determine its merits. Our estimates suggest Kohl's could increase EPS by 64%. After retiring dividend paying stock, the effective cap rate to extract $3.3 billion of after-tax proceeds is only 3.4%. Contrary to the Board's claims, we believe this is a far superior structure. Macellum assumes share repurchases at an average price of $54 resulting in the purchase of approximately 61.1 million shares.",
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      "text": "We believe it is possible for Kohl's to execute a meaningfully accretive sale-leaseback transaction",
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      "text": "Illustrative $4 Billion Sale-Leaseback of Real Estate",
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