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Coach Inc : Corporate News Blog - Coach Successfully Completes Tender Offer to Acquire Kate Spade & Co.

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07/13/2017 | 02:11pm CEST

LONDON, UK / ACCESSWIRE / July 13, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Coach, Inc. (NYSE: COH), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=COH. The leading American luxury fashion Company announced that its wholly owned subsidiary has successfully completed the previously announced tender offer for all outstanding shares of Kate Spade & Co. (NYSE: KATE) at a price of $18.50 per share (par value $1.00 per share) on July 10, 2017. Net consideration of $18.50 per share will be paid to the seller in cash without any interest thereon and less any applicable withholding taxes. For immediate access to our complimentary reports, including today's coverage, register for free now at:


At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on COH and KATE. Go directly to your stock of interest and access today's free coverage at:



About the Tender Offer

On June 23, 2017, Coach Inc. announced that its wholly owned direct subsidiary, Chelsea Merger Sub Inc., has extended the expiration of its previously announced tender offer to purchase all outstanding shares of Kate Spade & Co. until 5:00 PM New York City time on July 10, 2017, unless further extended or terminated. Formerly, this offer was scheduled to expire at 11:59 PM, New York City time, on June 23, 2017.The Offer had been extended to allow additional time for the expiration of the waiting period under the Japanese Act on Prohibition of Private Monopolization and Maintenance of Fair Trade. The waiting period was to expire on July 02, 2017.

Broadridge Corporate Issuer Solutions Inc., the depositary for the tender offer, recommended Coach Inc. that, at the time of expiration of the tender offer, an aggregate of 96,384,196 shares of Kate Spade & Company were validly tendered pursuant to the tender offer, representing around 75% of the outstanding shares. Thus, according to a consideration of $18.50 per share, the total deal can be estimated to be around $2.4 billion in cash.

Kate Spade & Co. as a wholly owned subsidiary of Coach Inc.

The acquisition of the remaining outstanding shares of Kate Spade & Co. will be completed, pursuant to a merger of Coach, Inc.'s wholly owned subsidiary with Kate Spade & Co. Post the merger, the shares of Kate Spade & Co. will be delisted from the New York Stock Exchange as it will become a wholly owned subsidiary of Coach, Inc.

Deal to increase Coach's brand diversification

The acquisition of Kate Spade is Coach's biggest acquisition till date and aims to reposition it as a multi-brand Company beyond its Coach namesake. This move will help Coach cater to the millennial segment more effectively, complementing its relatively older customer base. It will also increase Coach's bargaining power with department stores.

With regard to the deal, Victor Luis, Chief Executive of Coach stated:

"The acquisition of Kate Spade is an important step in Coach's evolution as a customer-focused, multi-brand organization."

He also mentioned:

"The combination enhances our position in the attractive global premium handbag and accessories, footwear, and outerwear categories."

About Coach Inc.

Coach, Inc. is a leading New York design house of modern luxury accessories and lifestyle brands. The brand, ?Coach', was established in New York City in 1941, and is known for its extraordinary leathers and materials with innovative design. Coach products are sold worldwide through Coach stores, selected department stores, and specialty stores, and also through Coach's website.

Last Close Stock Review

On Wednesday, July 12, 2017, Coach's stock closed the trading session at $47.05, marginally up 0.09% from its previous closing price of $47.01. A total volume of 2.03 million shares was exchanged during the session. The Company's stock price skyrocketed 17.45% in the last three months, 32.61% in the past six months, and 10.47% in the previous twelve months. Moreover, the stock soared 34.35% since the start of the year. Shares of the Company have a PE ratio of 25.47 and have a dividend yield of 2.87%. The stock currently has a market cap of $13.35 billion.

On Tuesday, July 11, 2017, the stock closed the trading session flat at $18.49. A total volume of 7.79 million shares has exchanged hands, which was higher than the 3-month average volume of 5.84 million shares. Kate Spade's stock price advanced 0.11% in the last one month and 3.82% in the past six months. The stock is trading at a PE ratio of 16.86 and currently, has a market cap of $2.38 billion.

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© Accesswire 2017
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Financials ($)
Sales 2018 5 860 M
EBIT 2018 992 M
Net income 2018 347 M
Debt 2018 454 M
Yield 2018 2,91%
P/E ratio 2018 38,36
P/E ratio 2019 16,07
EV / Sales 2018 2,36x
EV / Sales 2019 2,21x
Capitalization 13 358 M
Duration : Period :
Coach Inc Technical Analysis Chart | COH | US1897541041 | 4-Traders
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 55,5 $
Spread / Average Target 20%
EPS Revisions
Victor Luís Chief Executive Officer & Director
Todd Kahn President, Secretary & Chief Accounting Officer
Olajide James Zeitlin Non-Executive Chairman
Andrea Shaw Resnick CFO, Global Head-IR & Corporate Communications
Ivan M. Menezes Independent Non-Executive Director
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