secwatch.observer — SEC 8-K summary
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Issuer:     Capri Holdings Ltd (CPRI)
CIK:        0001530721
Form:       8-K
Filed at:   2023-08-10T23:59:59+00:00
Accession:  0001193125-23-208278
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.95
Item codes: 1.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1530721/000119312523208278/0001193125-23-208278-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1530721/000119312523208278/d532594d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-208278

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