August 22, 2023 | Consumer Discretionary | North America | Active

Capri / Tapestry: Deal Insights

The parent company of Coach and Kate Spade, Tapestry, is seeking to acquire Capri Holdings, the owner of designer brands Versace and Jimmy Choo. The $57.00 per share offer price values Capri’s equity at $6.7bn and offers target shareholders a one-day 64.7% takeover premium. The anticipated closing of the transaction is set for 2024, with a long-stop date of 10-Aug-24, which can be extended twice, each time for a period of three months. Capri’s board has approved the offer and intends to recommend it to the company’s shareholders. While Capri shareholder approval (50%) is required, no vote from Tapestry shareholders is necessary. The preliminary proxy filing is expected within 20 business days, by 7-Sep-23, and the shareholder meeting will be held within 40 days following the mailing of the definitive proxy. Regulatory conditions to closing include HSR clearance, with a notification anticipated within 15 business days, by 30-Aug-23. Though the merger agreement does not explicitly mention ...

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