NEW YORK (TheStreet) -- Shares of Tumi Holdings (TUMI) are spiking by 37.85% to $27.75 in pre-market trading on Thursday morning, as Samsonite International (SMSEY) is said to be close to acquiring the company in a deal that could value Tumi at nearly $2 billion.

The deal could be announced as soon as this week, according to sources cited by the Wall Street Journal.

South Plainfield, NJ-based Tumi makes travel and business products and accessories, including rolling suitcases and wallets. Its products are sold at luxury department stores and at other retailers.

During the last year, both travel and luggage companies have seen their stock prices fall. Luxury retailers and manufacturers are facing a strong dollar and slower demand from consumers in China, the Journal noted.

Samsonite, the world's largest luggage maker, has expanded by making acquisitions, such as purchasing American Tourister and Lipault brands.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed.

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The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels.

As a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: TUMI

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