Kate Spade asks for more time following Coach bid
loading...
London - Kate Spade & Co. is said to need more time to mull over Coach's take over bid. The latter reportedly made an offer to take over the US premium handbag label last week, although it remains unclear how much Coach has offered.
By taking more time to go over the sale process gives potential buyers more space to assess Kate Spade's first quarter sales and negotiate a possible deal, reports Reuters. Kate Spade is also said to have attracted interested from fellow US designer brand Michael Kors - although the brand remains less active in its pursue of Kate Spade than Coach.
Kate Spade shares were down 1.85 percent on Monday at 22.80 dollars, which sees the label hold a market value of approximately 2.9 billion dollars. Sources warn that if Kate Spade does go through with a sale, any deal could see it valued less. But negotiations between Coach and Kate Spade could also end without any sale or deal being made added sources close to matter reports Reuters.
Kate Spade, Coach and Michael Kors declined to comment on news of a potential sale.
Read more:
Photo: Kate Spade & Co SS17, website