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By
Reuters
Published
Jul 27, 2016
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Samsonite says shareholders back Tumi deal, completion in early August

By
Reuters
Published
Jul 27, 2016

Samsonite International S.A. said its shareholders have approved its plan to buy luggage maker Tumi Holdings Inc, as the world's biggest luggage group expands in the luxury market, and the $1.8 billion deal was expected to be completed in early August.


Samsonite shareholders say yes to Tumi takeover


The announcement came weeks after New Jersey-based Tumi said its shareholders had backed Samsonite's planned acquisition of the company.

"By approving the transaction, they have helped to put Samsonite in a strong position to achieve its goal of becoming the leading global travel lifestyle company," Samsonite chief executive officer Ramesh Tainwala said in a statement late on Tuesday.

Samsonite said in March that it would buy Tumi for $26.75 per share in an all-cash transaction valuing Tumi at $1.8 billion. The Hong Kong-listed planned to expand Tumi's presence in Asia and Europe, while strengthening its business in North America.

 

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