EU Approves Jimmy Choo - Michael Kors Deal

(RTTNews) - Jimmy Choo PLC (CHOO.L) and Michael Kors (KORS) said that the European Commission confirmed on 9 October 2017 that it has cleared unconditionally Acquisition of Jimmy Choo by Michael Kors following a Phase I review. All Conditions to the Scheme relating to merger control have now been satisfied.

On 25 July 2017, Jimmy Choo PLC and Michael Kors Holdings announced that they had reached agreement on the terms of a recommended cash acquisition by which the entire issued and to be issued ordinary share capital of Jimmy Choo will be acquired by JAG Acquisitions (UK) Limited, a wholly-owned subsidiary of Michael Kors.

The Scheme remains subject to the sanction by the Court at the Scheme Court Hearing and the satisfaction of the other Conditions to the Scheme. Subject to the Scheme receiving the sanction of the Court and the satisfaction or, where applicable, the waiver of the other Conditions, the Scheme is expected to become effective on 31 October 2017.