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Tapestry (TPR; Baa2/BBB; double Neg) Capri closes

CONSUMER CYCLICALS

Capri closed -1.1% ending a 7-session streak of gains. We adjust standalone px down to $18 to account for EPS cuts since, moving chance priced a tad higher to 44%. Reminder Bloomberg surveyed 20 M&A Arb's in April and they were mostly at $20-25 - see here. Since then it has since reported 2-quarters of large misses on worse than expected falls in both sales and margins.


Reminder it had support last week after TPR affirmed it's commitment to buy the co despite Capri reporting barely profitable numbers the week before. Support continued this week from TPR's initial arguments filed in court that point to, at the face level, FTC stretching on competition concerns.

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