Published on 15 Nov 2024 on Benzinga
Tapestry Poised For Solid Growth After Capri Merger Termination, Analysts Cite...
On Thursday, Tapestry, Inc. TPR announced the termination of its merger agreement with Capri Holdings Limited CPRI, citing uncertainty in the legal process.
Following the termination of the merger agreement, Tapestry said it will redeem $6.1 billion in senior notes tied to the acquisition, paying 101% of their principal amount plus accrued interest, as per the Special Mandatory Redemption clause. Tapestry will also reimburse Capri $45 million for transaction-related expenses.