Coach-Burberry Merger: Where The Rumors Came From And How They Got Shot Down
Shares of Coach Inc (NYSE: COH) and Burberry Group plc (OTC: BURBY) (OTC: BBRYF) traded up in Friday’s pre-market session, after the Betaville blog reported that sourced had said that the two companies are working on a $20 billion merger.
Reuters later argued that its sourced had assured the companies “are not in active merger talks,” adding that the rumors were “completely speculative.” Moreover, Exane BNP Paribas analyst Luca Solca supplemented, "a merger of Coach and Burberry would primarily be a merger of problems.”
Investors should remember that both Coach and Burberry have been struggling to jump-start growth as luxury spending continues to decline.
To avoid further speculation, Benzinga contacted Coach. When Benzinga asked about the company’s connection to acquisition rumors in Burberry and Michael Kors Holdings Ltd (NYSE: KORS) this week, a spokesperson said that Coach has a policy of not commenting on rumors.
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Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.
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