Tapestry to acquire Capri for $8.5B ($57/sh); deal expected to close in CY2024

Capri Holdings Ltd

Tapestry (TPR) to acquire Capri (CPRI) for $57 per share cash; enterprise value ~$8.5B.
Consideration represents ~59% premium to Capri's 30-day VWAP as of Aug 9, 2023.
Combined company had >$12B revenue and ~$2B adjusted operating profit in prior fiscal year.
Expected >$200M run-rate cost synergies within 3 years; deal immediately accretive to Tapestry adjusted EPS.
Tapestry secured $8B bridge financing; raised dividend 17% to $1.40/sh annually; suspend buybacks to delever.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Capri Holdings Ltd entered into Agreement and Plan of Merger with Tapestry, Inc. valued at $57.00 per ordinary share, all-cash consideration (effective 2023-08-10).

Action: entry
Agreement: merger
Counterparty: Tapestry, Inc.
Value: $57.00 per ordinary share, all-cash consideration
Effective: 2023-08-10

Exact text from the filing

On August 10, 2023, Capri Holdings Limited (" Capri ") entered into an Agreement and Plan of Merger (the " Merger Agreement ") with Tapestry, Inc., a Maryland corporation (" Tapestry "), and Sunrise Merger Sub, Inc., a British Virgin Islands business company limited by shares and a direct wholly owned subsidiary of Tapestry (" Merger Sub ").

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Capri Holdings Ltd filing history →

Source: SEC EDGAR

accession 0001193125-23-208278

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