Starboard-backed Acacia Research, which partners with patent owners such as inventors and universities to license patents that are infringed, failed to acquire Kohl's, a department-store operator, for $13.8bn. "We have a high degree of confidence in Kohl’s transformational strategy, and we expect that its continued execution will result in significant value creation. The board is committed to acting in the best interest of shareholders and will continue to closely evaluate any opportunities to create value," Frank Sica, Kohl’s Chairman of the Board of Directors.