Luxury retailer Coach announced on Monday it agreed to buy Kate Spade for $18.50 per share, for a total transaction value of $2.4 billion.
Luxury retailer Coach announced on Monday it agreed to buy Kate Spade for $18.50 per share, for a total transaction value of $2.4 billion.
The combined company will create a "leading luxury lifestyle company" supported by "significant expertise in handbag design, merchandising, supply chain and retail operations," according to a statement.
The per-share acquisition price is 27.5% higher than Kate Spade's share price as of December 27, the last day of trading before deal rumors started affecting the stock price.
“Kate Spade has a truly unique and differentiated brand positioning with a broad lifestyle assortment and strong awareness among consumers, especially millennials," Coach CEO Victor Luis said in the release.
This story is developing. More to come...
Luxury retailer Coach announced on Monday it agreed to buy Kate Spade for $18.50 per share, for a total transaction value of $2.4 billion. Read Full Story
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