Inter Parfums Down Over 8% After License Discussion Announcement with Burberry

Inter Parfums IPAR is trading down over 8 percent on the session after the company announced that it is in discussions regarding the establishment of a new operating structure for the Burberry fragrance and beauty business. The company said that there can be no assurance that an agreement will be reached. Burberry has exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license or continue the existing contract which runs through December 31, 2017. Inter Parfums is currently trading at $16.18, a loss of $1.50 or 8.48%.