NEW YORK (TheStreet) -- Shares of Tumi (TUMI) are declining 0.04% to $26.73 in pre-market trading Wednesday as Samsonite Int'l (SMSOF) said its shareholders have approved its proposed acquisition of the luxury luggage maker, Reuters reports.
The $1.8 billion deal was expected to be completed early next month.
Earlier this month, South Plainfield, NJ-based Tumi said its shareholders backed the deal.
"By approving the transaction, they have helped to put Samsonite in a strong position to achieve its goal of becoming the leading global travel lifestyle company," Samsonite CEO Ramesh Tainwala said in a statement late yesterday.
In March, Samsonite said it would purchase Tumi for $26.75 per share in an all-cash deal.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on Tumi stock.
The primary factors that have impacted the rating are mixed. 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.
But the team also finds weaknesses including disappointing return on equity and weak operating cash flow.
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