UPDATE: Kate Spade Stock Trades At Record Volume After Coach Buyout Bid

Trading in Kate Spade & Co.'s stock was the most active in the apparel and accessories company's history, in the wake of Coach Inc.'s buyout bid. Volume spiked to 112 million shares in recent trade, compared with the full-day average of about 4.6 million shares, and enough to make it the most actively stock on major U.S. exchanges. The stock's previous record for volume, since it began trading in June 1981, according to FactSet, was 52.9 million shares on Aug. 12, 2014, when the stock plummeted 25%. The stock rose 8.2% in afternoon trade, after the company announced a deal to be acquired for $18.50 a share. That bid was 27.5% above the Dec. 27 closing price of $14.51, which was the last trading day before media speculation of a deal surfaced, the companies said. While the bid was 9.0% above Friday's closing price, it was 23% below the Feb. 27 10-month closing high of $24.10. The stock has tumbled 23% over the past 12 months, while Coach shares have climbed 12% and the S&P 500 has run up 17%.