Tumi shareholders back Samsonite acquisition plan

Luggage maker Tumi Holdings Inc’s (TUMI.N) said its shareholders have backed Samsonite International S.A.’s (1910.HK) planned acquisition of the company and that it expects the deal to be completed in the second half of the year.

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, part of expansion plans by the world’s biggest luggage group to grab more of the luxury market.

The deal still needs to be approved by Samsonite shareholders.

Source: Reuters