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Coach Reportedly Tried To Bag Burberry In Recent Months

Coach Reportedly Tried To Bag Burberry In Recent Months

U.K.-based luxury goods retailer Burberry (LON: BRBY) (OTC: BBRYF) has rejected multiple takeover approaches from U.S. rival Coach Inc (NYSE: COH) in recent months, according to a report on Financial Times.

The Rumored Interest

The report said the deal would have created a company with a market value in excess of above $20 billion, bringing together Coach’s leather goods, handbags and shoemaker Stuart Weitzman with Burberry’s trademark luxury outerwear and global retail footprint.

FT said Coach’s offers, which peaked sometime after the summer, were informal and comprised of a cash-and-stock acquisition of Burberry.

“Talks are no longer active between the companies and that is not expected to change anytime soon after Burberry saw off the interest from its larger rival,” the report highlighted.

Could It Have Succeeded Under Different Circumstances?

The report noted that Coach might have been more successful if had approached the British company earlier this year when Burberry shares were under pressure from a slowdown in luxury demand from Asia, questions over its leadership and fall in the pound over Brexit concerns.

FT added that Coach was working with three investment banks, including Evercore Partners, on the deal. Burberry’s advisers included the London-based advisory firm Robey Warshaw.

Shares of Coach closed Friday’s trading at $36.23.

Image Credit: By Shoshanah [CC BY 2.0], via Wikimedia Commons


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