Coach and Burberry shares were both up on Friday after financial blog Betaville reported the two companies were considering a merger. According to the blog, the US company has been working with financial advisers at Evercore for numerous weeks on a possible deal, rumored to create a $20 billion luxury clothing giant, citing two people familiar with the situation, although the parties were not named. The deal would likely value Burberry at around £18.50 per share.
While representatives at both the companies declined to comment, the Financial Times had reported earlier in the year that Burberry had asked its advisers at Robey Warshaw to help prepare a defense for a possible bid.
It was reported at that time that a mystery investor had built up a stake of close to 5%, prompting the company to attempt, albeit unsuccessfully, to ask HSBC, which is listed as the custodian for the position, to disclose its client or clients.
Full Content: Nasdaq
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