Burberry Turned Down Coach Offers

Luxury retailer Burberry (London) has reportedly turned down multiple offers to be bought by U.S. handbag brand Coach (New York).

Sources say the combined company would have been valued at $20 billion, according to the International Business Times. Burberry stocks dipped to their lowest in June, but have risen by a third since then.

Currently valued at $7.9 billion, the retailer was advised by London-based firm Robey Warshaw, among others, while Coach was working with three investment banks, including an advisory firm called Evercore Partners (New York), on the proposed deal.