Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Capri equities closed up 5% (SPX +1.2%) and moves it to pricing 48% of success. Reuters has done a write-up on day-1. Internal emails are making a appearance. Hard to see the messages from TPR's CEO studding Capri's pricing and asking his staff to work around the competition as supportive - we are not lawyers but experts in the area have flagged evidence of this as key to FTC's case.
Part of Capri's defence is on how weak it is - it's lawyers apparently added it has been 'loosing relevance since 2016'. As we said after the train-wreck earnings last month (EBIT -86%yoy), it may look good in court but if it closes will eventually become TPR's issue to deal with. Added pressure on mgmt given the price-tag paid.
The outcome will determine if FTC receives a preliminary injunction to pause the buyout - it is not final decision on the antitrust case but a win is seen as very supportive to TPR/CPRI. Indicative timeline from BI's legal analyst below;
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.