Spread on Capri – Tapestry Deal Widens – Merger Arbitrage Mondays

Key Highlights

• Tapestry’s (TPR) acquisition of Capri Holdings (CPRI) received a second request from the Federal Trade Commission.
• Bluegreen Vacations Holding Corporation (BVH) to be acquired by Hilton Grand Vacations (HGV) for $1.5 billion or $75 per share in cash.
• Seven active deals were completed successfully last week.

Capri Holdings Limited (CPRI) $47.11

Market Cap: $5.48 billion

Enterprise Value: $9.03 billion

On August 10, 2023, Tapestry (TPR) announced that it was acquiring Capri Holdings Limited (CPRI) at $57.00 per share in cash for a total enterprise value of approximately $8.5 billion. The offer represented a premium of almost 65%. The companies plan to bring together prominent brands like Tapestry’s Coach and Kate Spade, along with Capri’s Jimmy Choo and Versace, in order to rival major competitors such as Paris-listed LVMH.

Only plus or premium subscribers can access this post. Subscribe today.