secwatch.observer — SEC 8-K summary
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Issuer:     TAPESTRY, INC. (TPR)
CIK:        0001116132
Form:       8-K
Filed at:   2023-08-10T23:59:59+00:00
Accession:  0001140361-23-038946
Event type: m_and_a
Sentiment:  positive
Materiality: 0.95
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1116132/000114036123038946/0001140361-23-038946-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1116132/000114036123038946/brhc20057354_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-038946

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