Samsonite Confirms Deal to Buy Tumi
04 March 2016 - 11:20AM
Dow Jones News
Samsonite International SA said Thursday it agreed to buy luxury
luggage maker Tumi Holdings Inc. for about $1.8 billion.
The Wall Street Journal reported late Wednesday that a deal was
in the works.
Samsonite will pay $26.75 a share, a 33% premium to Wednesday's
closing price of $20.13. The shares rose 30% to $26.20 on
Thursday.
Tumi, based in South Plainfield, N.J., makes everything from
rolling luggage to tablet cases and briefcases. It had its initial
public offering in 2012. The company, founded in 1975, has more
than 100 of its own stores and its products are also sold at
high-end department stores and other retailers.
In 2015, Tumi's sales increased 3.9% to $547.7 million.
Samsonite's acquisitions in recent years have included Hartmann
and High Sierra.
Dana Mattioli contributed to this article.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 03, 2016 19:05 ET (00:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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