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COH

Coach

$46.48

-0.07 (-0.15%)

, KATE

Kate Spade

$18.48

-0.01 (-0.05%)

06:42
06/23/17
06/23
06:42
06/23/17
06:42

Coach announces extension of tender offer to acquire Kate Spade

Coach (COH) announced that its wholly owned direct subsidiary, Chelsea Merger Sub, has extended the expiration of its previously announced tender offer to purchase all of the outstanding shares of common stock, par value $1.00 per share, of Kate Spade & Company (KATE) at a price of $18.50 per share, net to the seller in cash, without interest thereon and less any applicable withholding taxes until 5:00 p.m., New York City time, on July 10, 2017, unless further extended or earlier terminated. The Offer was previously scheduled to expire at 11:59 p.m., New York City time, on June 23, 2017. The depositary for the Offer has advised Coach and Purchaser that, as of 5:00 p.m., New York City time, on June 22, 2017, 19,310,859 Shares have been validly tendered pursuant to the Offer and not properly withdrawn. The Offer has been extended to allow additional time for the expiration or termination of the waiting period under the Japanese Act on Prohibition of Private Monopolization and Maintenance of Fair Trade, which is expected to expire on July 2, 2017. All other terms and conditions of the Offer remain unchanged.

COH

Coach

$46.48

-0.07 (-0.15%)

KATE

Kate Spade

$18.48

-0.01 (-0.05%)

COH Coach
$46.48

-0.07 (-0.15%)

06/15/17
RBCM
06/15/17
NO CHANGE
RBCM
Coach price target raised to $50 from $45 at RBC Capital
RBC Capital analyst Brian Tunick says that the stabilization of the growth of the North American handbag market at flar to low single digit percentage growth has increased the market's visibility. He adds that last quarter was the first in over three years in which the handbag market's growth was driven by price increases. Tunick believes that Coach's (COH) acquisition of Kate Spade (KATE) will accelerate the growth of both brands through greater scale. The analyst estimates that the deal will raise Coach's EPS by 30c-40c, and he raised his price target on the shares to $50 from $45 while keeping an Outperform rating.
06/09/17
BARD
06/09/17
NO CHANGE
Target $54
BARD
Outperform
Coach price target raised to $54 from $50 at Baird
Baird analyst Mark Altschwager raised his price target on Coach to $54 from $50 and said he remains positive on the shares as the company appears to be one of the few playing offense in a tough retail environment. The analyst sees continued top-line drivers including improved conversion, outlet collaborations, and footwear expansion. Altschwager reiterated his Outperform rating on Coach shares.
06/01/17
UBSW
06/01/17
NO CHANGE
Target $55
UBSW
Buy
Michael Kors store closures positive for Coach, says UBS
UBS analyst Michael Binetti noted Michael Kors (KORS) announced plans to start closing stores and it is assumed they will be skewed to North America. The analyst believes Michael Kors has been the number one competitive pressure for Coach (COH) over the past five years so its decision to close stores now relieves the company of its number one headwind. He now believes Coach is well positioned as a market share gainer. Binetti reiterated his Buy rating and $55 price target on Coach shares.
05/30/17
PIPR
05/30/17
NO CHANGE
Target $52
PIPR
Overweight
Coach price target raised to $52 from $47 at Piper Jaffray
Piper Jaffray analyst Erinn Murphy raised her price target for Coach (COH) to $52 following a "deep-dive analysis" on the story. The analyst sees multiple expansion as Coach "likely starts to gain credit for managing a house of brands." Murphy expects the July closing of the Kate Spade (KATE) deal to be a catalyst for the shares. She keeps an Overweight rating on Coach.
KATE Kate Spade
$18.48

-0.01 (-0.05%)

05/25/17
UBSW
05/25/17
NO CHANGE
Target $55
UBSW
Buy
Coach price target raised to $55 from $49 at UBS
UBS analyst Michael Binetti raised his price target on Coach (COH) to $55 from $49 to reflect the cost synergies, planned reduction of brand dilutive sales with is Kate Spade (KATE) acquisition, and the forward growth rates and opportunities for the combined companies. Binetti reiterated his Buy rating on Coach shares.
05/15/17
DBAB
05/15/17
UPGRADE
Target $54
DBAB
Buy
Coach upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell upgraded Coach (COH) to Buy saying the acquisition of Kate Spade (KATE) provides a buying opportunity. The analyst is confident in management's ability to execute citing the success of Coach's turnaround thus far. Trussell expects the Kate Spade deal to be "highly accretive." He raised his price target for Coach shares to $54 from $40.

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