Kate Spade Shares Slide On Report Of More Time Needed For Coach Bid

Kate Spade & Co. shares fell in the extended session Monday following a report the handbag and accessories maker needs more time to assess a buyout offer from Coach Inc. . Kate Spade shares fell 8% to $20.97 after hours, while shares of Coach advanced 1.8% to $41.36. Late Monday, Reuters reported Kate Spade needed a few more weeks negotiating after receiving a bid from Coach last week. Back in February, Kate Spade said it was exploring strategic alternatives. At Monday's close, Kate Spade shares had gained nearly 16% since the announcement in February.