September 09, 2024 14:29 GMT
Tapestry (TPR; Baa2/BBB; double Neg) D-Day
CONSUMER CYCLICALS
It's D-Day for Tapestry vs. FTC as it goes to court today. It's expected to last under two weeks, updated pricing below. We've excluded the €25s given we are hearing it's not trading. For those on the side-lines, please be aware of the 101 call risk on the three lines - offer side may jump towards €101 on court updates and will look very cheap on spread.
Probability priced of beating FTC and closing on the $8.5b acquisition of Capri;
- €27s; 60%
- €31s; 42%
- Capri equities; 42%
- (the two 42%s are not a typo)
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