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Tapestry + Capri Creates a Luxury Powerhouse – InsideArbitrage Friday Wrap

  • August 11, 2023

FRIDAY WRAP

Our list of curated tweets for the current week

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Special Situations

Coach owner Tapestry is in talks to buy Capri Holdings, parent of fashion brands Michael Kors, Jimmy Choo and Versace.

 

Did not expect Tapestry to Buy Capri but the deal makes a lot of sense.

One of our largest holdings, Capri is being acquired by Tapestry for ~60% premium.

Merger Monday coming in hot this morning.

Significant M&A Activity today - Monday, August 7, 2023!

Charlie Ergen is merging his telecom empire and bringing Dish $DISH and EchoStar $SATS back together.

Campbell’s agreed acquisition of Sovos, the maker of Rao’s upscale pasta sauces, for $2.7 billion, including debt, contains some questionable ingredients.

Bummer on multiple levels. 1) Didn't know $SOVO existed. 2) Hope $CPB doesn't screw up Rao's by messing w/the ingredients.

$SQNS (+31.9% pre) Renesas to Acquire Semiconductor Company Sequans for $249 Million

$VRTV - Veritiv’s stock jumps on $2.3B buyout offer by CD&R

This is quietly becoming an active M&A market again. Pollo Tropical taken private at $225M. $FRGI

Here's a funny one: $RETA is getting acquired by $BIIB, but their 10-Q suggests that $MRK will be required to by them $301m in an antitrust block.

Decibel Therapeutics (DBTX) Stock Skyrockets 71% on Regeneron Deal

$CTG QN 2023: Acquired by Cegeka for $10.50/share, total deal approx $170m.

No one will accuse $SCPL BOD of being in cahoots with $LNW

$dice “Eli Lilly and Company (NYSE: LLY) today announced the successful completion of its acquisition of DICE Therapeutics, Inc. (NASDAQ: DICE). $lly

The Barstool deal is the talk of Twitter.

The Lina Khan vs. Amazon showdown is coming to a head $AMZN

EU antitrust regulators extend Adobe, Figma deadline to Jan. 8

$PARA (+2.0% pre) Paramount Agrees to Sell Simon & Schuster to $KKR, a Private Equity Firm - NYT

 

 

$BMY , also thinks the shares are cheap. Authorized accelerated buyback program.

$PRMW reported a triple-play this morn (beat, beat, raise). EBITDA up 13% y/y.

$LOW On top of that their share buybacks of the last 10Y has gone from 1,060m to 631m.

Apple has bought back $588 billion in stock over the past 10 years, which is greater than the market cap of 492 companies in the S&P 500.

Nano Dimension has addressed Murchinson's nominees to its board in a letter to its shareholders, referring to Murchinson's goals as a "self-serving" campaign.

The Board of Directors of *Equillium, Inc.* ( $EQ ) approved a new $7.5 million #ShareRepurchase program, equaling 29.1% of its market cap.

$LH Laboratory Corporation of America Holdings enters into $1.0 billion accelerated share repurchase agreements with Goldman Sachs and Morgan Stanley, as part of the Company’s Common Stock repurchase program

Nasdaq’s CEO Makes Her First Purchase in Over a Decade – Insider Weekends

Zachary Kirkhorn, who stepped down as Tesla’s $TSLA CFO on Monday, amassed a net worth of $590 Million during his 4 year stint in the role - Bloomberg

$TSLA Tesla appoints Vaibhav Taneja as CFO in addition to his current role as Chief Accounting Officer, to succeed Zachary Kirkhorn.

Virtual reality startup Immersed to go public via SPAC deal

Investing

Surprising fact for the day: $FCNCA has outperformed all the big tech stocks over the last 5 years: slightly ahead of MSFT and AAPL and far ahead of AMZN and GOOG.

BKNG is really distancing itself in terms of quality vs ABNB/EXPE, delivering a big Q2 beat and guiding for accelerating trends through H2.

Page 166 of KKR’s 10-K

Had a great time talking to Brandon / Eric about my favorite soft drink company (lifelong Diet Dr. Pepper fan; have to actively limit myself to avoid throwing down 12 a day like Buffett).

Amazon is slashing dozens of its private-label brands as the company battles costs and regulators.

What are these numbers?

The U. S. Economy

The Atlanta Fed GDPNow forecasts growth of 4.1% this quarter.

Interesting chart from @OneCarlyle , on banks exposure to commercial real estate loans, US vs Europe

@anfuller @ForsythJenn and I spent months scouring financial records from 50 flagship universities

 

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