Coach to buy rival Kate Spade for $2.4 billion

May 8, 2017 (Reuters) – Handbag maker Coach Inc said it would buy Kate Spade & Co for $2.4 billion as it looks tap the smaller rival’s popularity among millennials. The $18.50 per share cash offer represents a premium of 9 percent to Kate Spade’s Friday close. Kate Spade’s stock was trading above the offer price at $18.95 premarket on Monday. The stock has risen 17 percent since Dec. 27, a day before the Wall Street Journal reported the company was looking to sell itself. The deal is expected to…

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