MONSEY, N.Y., Aug. 10, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the $57.00 per share in cash pursuant to which Capri Holdings Limited (: CPRI) (“Capri”) has agreed to be sold to Tapestry, Inc. (“Tapestry”).
If you remain a Capri shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
Why is there an investigation?
On August 10, 2023, Capri announced that it had agreed to be sold for $57.00 per share in cash to Tapestry.
“We are investigating whether the Capri Board of Directors acted in the best interests of Capri shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Capri shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
According to an analysis of Wall Street price targets for CPRI in the last 90 days published on Seeking Alpha, there is a high price target of $68.00 per share, which indicates that at least one Wall Street analyst thinks the deal price is too low.
The deal price is also below CPRI’s 52-week high of $69.25, and thus the deal may represent an opportunistic purchase. Notably, the press release announcing the transaction did not indicate that the deal terms included a go-shop provision for Capri to seek competing offers.
Finally, an investor with the screenname Prati Management has opined on SeekingAlpha that $57.00 per share is “too cheap,” and that $80.00-$100.00 per share is much more reasonable given Capri’s portfolio of luxury brands, including Versace, Jimmy Choo, and Michael Kors.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.