Michael Kors takes over Jimmy Choo in $1.35 billion deal

American fashion brand Michael Kors has bought luxuryshoemaker Jimmy Choo in a deal worth $1.35 billion (896 million pounds).Kors says that London-listed Jimmy Choo is "the ideal partner'' that will be bolstered with further development of its online presence. Jimmy Choo CEO Pierre Dennis will stay in his job. Creative Director Sandra Choi will also stay to lead creative and design teams. The deal gives Jimmy Choo shareholders 2.3 pounds in cash for each share, a premium of 36.5 percent on the firm's share price of 1.685 pounds on April 21.