American luxury brand Michael Kors fends off rival bids for fabled British shoes and bag firm

US fashion brand Michael Kors is to buy British shoe and bag company Jimmy Choo for £896m after an auction that attracted a host of international bidders.

Michael Kors said it had agreed to pay 230p per Jimmy Choo share and that the Jimmy Choo directors, who own 1.3% of the firm, “consider the terms of the acquisition to be fair and reasonable”. The US firm added its agreed offer was “final and will not be increased” unless there was another offer from a third party.

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