Kohl’s Corp. said Friday it has rejected the takeover offers it has received as too low and has engaged bankers to field interest in the company.

Both Sycamore Partners and a suitor backed by hedge fund Starboard Value LP had engaged with Kohl’s about a potential deal amid activist investor pressure to sell, Bloomberg News has reported. While it’s unclear how much Sycamore was willing to pay for Kohl’s, Acacia Research Corp., the Starboard-backed suitor, had offered $64 a share, or about $9 billion. That worked out to a premium of more than 30 percent to where Kohl’s was trading in mid-January before shareholder Macellum Advisors renewed a push for the company to consider a sale.

The bids undervalued the company’s future growth and cash flow generation, Kohl’s said in a statement. The retailer has designated a board committee to review future offers and engaged financial advisers, including Goldman Sachs Group Inc. and PJT Partners Inc., to interact with interested parties. The company also adopted a so-called poison pill that will make it harder for the company to be acquired without the consent of the board.

Shares of Kohl’s rose 1.6% percent to $59.50 at 9:59 a.m. in New York.

The company’s directors are “committed to acting in the best interest of shareholders and will continue to closely evaluate any opportunities to create value,” Chairman Frank Sica said.

A representative for Sycamore declined to comment. Representatives for Macellum and Acacia weren’t immediately available for comment.

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