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Michael Kors to buy shoemaker Jimmy Choo in $1.2 billion deal

Michael Kors Holdings Ltd. KORS, -0.77 has agreed to acquire luxury shoemaker Jimmy Choo PLC CHOO, +17.05 in a deal valued at 896 million pounds ($1.17 billion), the companies said Tuesday. Jimmy Choo shareholders will receive 230 pence a share in cash, which compares with a price of 195 pence at the close of trade Monday on the London Stock Exchange. The boards of directors of both luxury goods makers have approved the deal, the companies said in separate statements. Pierre Denis will stay in his role of chief executive of Jimmy Choo and Sandra Choi will remain as creative director.