M&A · Industrials · Leather & Leather Products
Tapestry, Inc. to acquire Capri Holdings Ltd
Announced Aug 10, 2023 · Terminated Nov 14, 2024
Deal value$8.50BEV $8.50B
Premium—To unaffected price
EV / Adj. EBITDA9.1x1.5x EV / Revenue
ConsiderationAll cash$57.00 per share
Transaction
- Acquirer
- Tapestry, Inc. (TPR)
- Target
- Capri Holdings Ltd (CPRI)
- Buyer type
- Strategic
- Offer price per share
- $57.00
- Enterprise value
- $8.50B
- Status
- Terminated Nov 14, 2024
Deal protections
- Break fee (target pays)
- $240M · 2.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- Committed · BofA Securities, Morgan Stanley
Advisors
- To the acquirer
- Not disclosed
- To the target
- Barclays
Sector context · Industrials
- Comparable deals
- 73 in the prior 24 months
- Premium
- Sector median 47.4%
- EV / Adj. EBITDA
- 9.1x vs. 11.0x sector median
- Break fee
- 2.8% vs. 2.8% sector median
Timeline
- AnnouncedAug 10, 2023
- Proxy filedSep 8, 2023
- Definitive proxySep 20, 2023
- Shareholder voteOct 25, 2023
- TerminatedNov 14, 2024
Valuation · fairness opinions
Precedent transactions$49.00$65.00
Offer $57.00
Implied value per Capri Holdings Ltd share by analysis, from Barclays.