Luggage Brand Tumi Shareholders Through Samsonite Merger Agreement
The world's largest
brand
Luggage manufacturer Samsonite International SA
Samsonite
International Limited announced today that Tumi Holdings Inc. had formally adopted the merger agreement at the shareholders' meeting and reached a precondition for the completion of the merger.
Samsonite announced in March 4th this year that it will buy Tumi Holdings Inc. in cash with a total of 26.75 US dollars or about 1 billion 824 million 100 thousand US dollars. This purchase price is 13.6 times that of the latter 2015 in the 2015 core year, and Tumi Holdings Inc. has become Samsonite's largest acquisition.
Samsonite CEO Ramesh Tainwaia said after the paction that the acquisition of Tumi Holdings Inc. was a "pformational" strategy paction for the group's high-end brand vacancy.
Tumi Holdings Inc. in
market
Positioning, price and distribution and entry-level brand American Tourister and the core brand of the same brand Samsonite Samsonite overlap, perfect match group brand portfolio.
He also suggested that mergers could boost global market share from 9% to 12%.
Samsonite is expected to complete the acquisition of Tumi Holdings Inc. in the second half of the fiscal year, and the deal will have to be approved by Samsonite shareholders.
Samsonite had a sharp rise of 6.7% on Wednesday, eventually closing at HK $23.10, narrowing to 2.67% throughout the day.
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