Kate Spade & Co (NYSE:KATE) shares are soaring Tuesday afternoon as rumors continue to emerge surrounding a potential buy.
The company announced last month that it was in a position to be acquired by a retailer willing to buy it. It was announced that the auction process was slated to formally begin sooner rather than later.
The stock has been on the rise for Kate Spade & Co, which exists under two brands in Kate Spade New York and Jack Spade. The company’s main business revolves around its handbags and ladies accessories.
It exists under four pillars in women’s, men’s children’s and home, including bright colors with flowery prints and sophisticated designs. Reportedly, there are at least six companies seeking to acquire the luxury handbags and accessories retailer.
Michael Kors Holdings Ltd (NYSE:KORS) is one company that is being rumored to acquired Kate Spade & Co, but it is still unclear if this interest is mutual. The price of such a deal is also unclear.
The company said that it doesn’t comment on rumors or speculation so it is still unclear how true this is. Nevertheless, the source that made these claims is close to the matter.
Kate Spade & Co is slated to release its fourth-quarter results on February 23. How do you think the company will perform in its latest results of the period?
KATE shares skyrocketed 5.3% Tuesday.
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