Kohl's stock price increases by 17% following reports that Hudson's Bay and Sycamore are preparing to submit offers.

• Kohl's is being considered for a bid by Hudson's Bay, as reported by Axios and The Wall Street Journal.
• Kohl's is also being considered for a bid by private equity firm Sycamore Partners, according to sources.
• The Kohl's spokeswoman stated in an email that the board's interaction with potential bidders is ongoing and has been previously disclosed.

On Wednesday, shares of the retailer experienced a 17% increase in value following news that another department store chain was considering acquiring the company.

According to Axios, Hudson's Bay is considering a bid, as reported by conversations with multiple sources.

According to Axios, Sycamore Partners is also considering a bid for Kohl's, but it's unclear if they are serious about it.

According to sources, Sycamore and Kohl's were planning bids worth over $60 per share, potentially valuing Kohl's at more than $9 billion. On Wednesday, Kohl's shares closed at $63.11.

The Kohl's spokeswoman stated in an email that the board's interaction with potential bidders is ongoing and has been previously disclosed.

She stated that the board would evaluate potential bids in comparison to a strong independent plan and select the option that they believe would increase shareholder value.

Neither Hudson's Bay nor Sycamore responded to CNBC's request for comment.

Kohl's shares opened Wednesday at $54.46, up about 14% this year, despite rumors of potential suitors. An offer from Starboard-backed Acacia Research, at $64 per share, was deemed too low by Kohl's.

Kohl's started collaborating with Goldman Sachs and other financial advisors to explore unsolicited bids and actively reach out to potential buyers following activist pressure earlier this year.

Kohl's has interacted with over 20 parties, including real estate-oriented investors and strategic businesses, and some of these entities have entered into confidentiality agreements with Kohl's and have been invited to submit proposals, as stated last month by the company.

On Wednesday, Engine Capital expressed its disappointment with Kohl's long-term outlook, as stated in the recent investor day.

Kohl's may reject any final offers for its business, according to Engine, due to a misguided and unrealistic belief that it is undervalued.