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British fashion house Burberry is said to have turned down multiple takeover bids from U.S based leather goods brand Coach.
It has been suggested that if the deal had gone through, the combined fashion powerhouse would have been valued at over US$20 billion. However, Coach had better chances of acquiring Burberry if the overtures were made earlier in 2016, a complex period due to the slowdown in luxury demand and unstable leadership. Burberry was also in a vulnerable following the Brexit vote last June.
Three investment banks, including independent advisory group Evercore Partners, are reported to have been working with Coach, while Burberry is said to have been advised by London based advisory firm Robey Warshaw, among others.
Although both companies declined to comment, it has been confirmed that merger talks are no longer taking place.
Source: Financial Timescomments powered by Disqus