Feb 27 Coach Inc shares rose 5 percent
on Wednesday to $48.90 after a DealReporter article said there
were rumors among investment bankers that the leather-goods
maker was exploring a sale of the company.
A Coach spokeswoman said the company does not comment on
speculation or rumors.
A share price of $48.90 would give Coach a market value of
DealReporter cited two bankers as saying there were rumors
Coach was exploring a sale, and a third banker who said Coach
was rumored to be exploring strategic options, but was unable to
provide specific information.
Last month, Coach reported disappointing quarterly earnings
and has faced growing competition from companies like Michael
Kors Holdings Ltd. Two weeks ago, Coach said that
longtime Chief Executive Lew Frankfort would step down next year
and be replaced by the head of its international business.
On Wednesday, Coach announced it had hired a former Nike Inc
executive to oversee the changes it is making to its
(Reporting by Phil Wahba in Toronto; Editing by Maureen Bavdek)