Coach completes tender offer to acquire Kate Spade
Coach on Monday announced that its wholly owned subsidiary has successfully completed its tender offer to acquire Kate Spade & Company.
The New York City-based company in May agreed to acquire Kate Spade for $2.4 billion, or $18.50 per share. The company in June extended its tender offer to July 10, 2017 at 5:00pm EST from its previously scheduled expiration of June 23, 2017 at 11:59pm EST.
The tender offer that expired on Monday is for all outstanding shares of common stock, par value $1.00 per share of Kate Spade & Co. at a price of $18.50 per share.
The parties expect to complete the acquisition of all remaining outstanding shares of Kate Spade & Company on Tuesday, July 11, 2017. Following the merger, Kate Spade will be a wholly owned subsidiary of Coach and its shares will be delisted from the New York Stock Exchange.
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