Press Release Coach, Inc. Completes Acquisition of Kate Spade & Company NEW YORK--(BUSINESS WIRE)--Jul. 11, 2017-- Coach, Inc. (NYSE:COH) (SEHK:6388), a leading New York-based house of modern luxury accessories and lifestyle brands, today announced that it has completed the acquisition of Kate Spade & Company (NYSE:KATE) for $18.50 per share in cash for a total transaction value of $2.4 billion. The tender offer by a subsidiary of Coach, Inc. for all the outstanding shares of Kate Spade & Company expired, as scheduled, at 5 p.m. EDT on July 10, 2017. Following its acceptance of the shares tendered, Coach, Inc. caused the merger of its subsidiary with and into Kate Spade & Company. As a result, Kate Spade & Company has become a wholly owned subsidiary of Coach, Inc. In connection with the merger, all eligible Kate Spade & Company shares not tendered have been canceled and converted into the right to receive $18.50 per share in cash, the same price per share offered in the tender offer. In addition, all Kate Spade & Company shares will cease to be traded on the New York Stock Exchange as of July 12, 2017. Strategic Rationale The combination of Coach, Inc. and Kate Spade & Company creates a leading luxury lifestyle company with a more diverse multi-brand portfolio supported by significant expertise in handbag design, merchandising, supply chain and retail operations as well as solid financial acumen. Coach’s history and heritage, multi-channel, international distribution model, and seasoned leadership team uniquely position it to drive long-term sustainable growth for Kate Spade. Transaction Details As previously announced, the $2.4 billion purchase price has been funded by a combination of senior notes, bank term loans and excess Coach cash.