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Sara Lee sets Coach swap
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March 5, 2001: 8:23 p.m. ET
Sara Lee to trade 0.846 share of Coach for each of its common shares
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NEW YORK (CNNfn) - Sara Lee Corp. said Monday it will trade 0.846 share of Coach Inc. for each share of Sara Lee common stock tendered, making good on its promise to shed its 83 percent stake in the leather goods company within a year of the initial public offering.
 The offer represents a 12.9 percent premium over Sara Lee's Monday closing stock price of $21 and Coach's price of $28.03.
Sara Lee (SLE: Research, Estimates) said it will accept up to 37,262,057 of its common shares in exchange for 35,026,333 shares of Coach (COH: Research, Estimates). If more than 41,402,285 Sara Lee shares are tendered, then Coach shares will be distributed on a pro rata basis.
Investors reacted favorably when Coach went public in October 2000.
The offer expires on April 4. 
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