Luxury handbag maker Coach (COH) revealed today in a SEC filing that it made a formal offer to acquire designer brand Kate Spade (KATE) for $18.50 per share.

Shares of Kate Spade closed at $18.42 on Thursday and it has until June 23 to accept the deal. Until the deadline, other competitors have the right to make an offer for the firm that designs and markets a range of accessories and apparel. 

Coach announced plans for the $2.4 billion deal earlier this month. The company said such a transaction would enable it to build a "house of modern luxury lifestyle brands" helping it reach a younger demographic at a higher price point. 

Shares of both Coach and Kate Spade were higher during mid-morning trading on Friday.

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