- Vivian Hendriksz |
London - Coach announced that its wholly owned subsidiary successfully completed its tender offer to acquire Kate Spade & Company.
The New York-based company has acquired all the outstanding shares of common stock at 18.50 US dollars a share, for a total of 2.4 billion US dollars. The announcement comes after Coach extended its tender offer on July 10, 2017, at 5:00 pm EDT from its previously scheduled expiration date of June 23, 2017, at 11:59 pm EDT.
Following the successful completion of the tender offer, both Coach and Kate Spade & Company expect to complete the acquisition of all remaining outstanding shares of the luxury lifestyle label on Tuesday, July 11, 2017.
Afterwards, the merger of Coach, Inc.’s wholly owned subsidiary into Kate Spade & Company will take place, which sees Kate Spade & Company become a wholly owned subsidiary of Coach. All Kate Spade & Company shares will be delisted from the New York Stock Exchange.
Photo: Coach website