---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-038946"
form_type: "8-K"
ticker: "TPR"
cik: "0001116132"
company_name: "TAPESTRY, INC."
filed_at: "2023-08-10T23:59:59+00:00"
generated_at: "2026-06-11T16:30:23.433677+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Tapestry to buy Capri Holdings for $57/sh cash, ~$8.5B EV, creating luxury house

## Summary
- Tapestry acquires Capri Holdings for $57.00 per share cash, ~59% premium to 30-day VWAP, total enterprise value ~$8.5B.
- Combined company generated >$12B revenue and ~$2B adjusted operating profit in prior fiscal year; immediately accretive to Tapestry adjusted EPS.
- Expects >$200M run-rate cost synergies within 3 years; Tapestry raises quarterly dividend 17% to $1.40/share annualized.
- $8.0B fully committed bridge financing from Bank of America and Morgan Stanley secured; no financing condition.
- Closing expected in calendar 2024 subject to Capri shareholder vote and regulatory approvals; termination fee of $240M if Capri backs out.

## SEC filing metadata
- accession: 0001140361-23-038946
- form_type: 8-K
- ticker: TPR
- cik: 0001116132
- company_name: TAPESTRY, INC.
- filed_at: 2023-08-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1116132/000114036123038946/0001140361-23-038946-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1116132/000114036123038946/brhc20057354_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-038946
- JSON: https://secwatch.observer/filing/0001140361-23-038946.json
- Plain text: https://secwatch.observer/filing/0001140361-23-038946.txt

## Key facts
- Earnings Releases
  TAPESTRY, INC. updated its the prior fiscal year guidance (reaffirmed).
  - Period: the prior fiscal year
  - Guidance: reaffirmed
  - Result: preliminary results
  source text: the Company expects to report annual revenue and earnings per diluted share consistent with its previously issued guidance range. Also on August 10, 2023, the Company held a conference call to discuss, among other things, the announcement and execution of the Merger Agreement and certain other information. A copy of the press release is attached hereto as Exhibit 99.1
  evidence_url: https://www.sec.gov/Archives/edgar/data/1116132/000114036123038946/0001140361-23-038946-index.htm
- Material Agreements
  TAPESTRY, INC. entered into Agreement and Plan of Merger with Capri Holdings Limited (effective 2023-08-10).
  - Action: entry
  - Agreement: merger
  - Counterparty: Capri Holdings Limited
  - Effective: 2023-08-10
  source text: On August 10, 2023, Tapestry, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Sunrise Merger Sub, Inc., a British Virgin Islands business company limited by shares with BVI company number 2129509 incorporated under the laws of the territory of the British Virgin Islands and a wholly owned subsidiary of the Company (“Merger Sub”), and Capri Holdings Limited, a British Virgin Islands business company limited by shares with BVI company number 524407 incorporated under the laws of the territory of the British Virgin Islands (“Capri”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1116132/000114036123038946/0001140361-23-038946-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.