Coach Inc. (COH) said that its wholly owned direct subsidiary, Chelsea Merger Sub Inc., has commenced a tender offer for all of the outstanding shares of common stock, par value 1.00 US dollar per share, of Kate Spade & Company (KATE) at a price of 18.50 US dollars per share, net to the seller in cash, without interest thereon and less any applicable withholding taxes.

The tender offer is subject to customary conditions to closing, including a condition that the number of shares validly tendered (and not properly withdrawn) prior to the expiration of the offer, together with the shares then owned by Coach and its wholly-owned subsidiaries, represents at least one share more than 50 percent of all shares then outstanding.

The tender offer will expire at 11:59 p.m. EDT on June 23, 2017, unless extended.