Coach bags Kate Spade with flashy $2.4 US billion purse

Coach has bagged competitor Kate Spade in a deal worth $2.4 US billion. Coach will pay $18.50 in cash for each Kate Spade share — an increase of nearly 30% from where the stock was trading prior to rumors of a sale. Coach said it expects the transaction to close by the end of the third quarter. It plans to preserve Kate Spade’s “brand independence” and retain key staff.

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