Samsonite, a Luxembourg-based luggage company announced in March it would purchase the South Plainfield, NJ-based company for $26.75 per share in an all-cash deal, Reuters reports.
The sale will value Tumi at $1.8 billion.
Samsonite has recently been expanding to take more of the luxury market, and the company said that it is planning for the deal to be completed by year's end 2016.
Shares of Tumi closed on Tuesday at $26.72, and Samsonite stock closed at $2.80.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.
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 impressive record of earnings per share growth. However, TheStreet Ratings finds weaknesses including disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: TUMI
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.