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Coach to buy rival Kate Spade for $2.4B

Posted online May 8, 2017 | 11:36 am

Handbag maker Coach agreed to buy its smaller rival, Kate Spade & Co., for $2.4 billion.

The $18.50 per share cash offer is a 9 percent premium to Kate Spade's Friday closing price.

The purchase is expected to close in the third quarter.

Read more from CNBC.

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