Franchise Group has offered $60 per share in cash for Kohl's stock, and Kohl's wants to give Franchise Group every opportunity to conduct due diligence and gather information in order to arrange for financing for a final deal. No deal has yet reached a formal agreement. The uncertainty explains why even after this morning's share price advance, Kohl's fetches only about $46 per share -- a bit over $0.75 on the dollar if you assume the two parties eventually reach a merger agreement.