Burberry shares jump on report of Coach bids

Shares in luxury fashion retailer Burberry rose on Monday following reports the company has rejected multiple takeover bids from US peer Coach.

The Financial Times reported on Sunday that talks between the two companies were no longer active, adding that the situation is not expected to change any time soon.

The FT cited sources as saying that the proposals, which peaked sometimes after the summer, were informal and envisaged a cash-and-stock takeover of the British company.

At 0900 GMT, Burberry shares were down 2.3% to 1,444p.