Michael Kors, Jimmy Choo and Versace owner Capri Holdings Ltd's CPRI shares are jumping Thursday morning as it is reportedly in talks to be acquired by Coach owner Tapestry Inc TPR.
The deal, which has been under discussion for months, could be announced as soon as Thursday, the WSJ reported, citing people familiar with the matter.
The report noted that the concluding transaction would be valued in the high single-digit billions.
Currently, Capri commands a market value of about $4 billion and Tapestry about $10 billion.
Capri was founded by fashion designer Michael Kors and went public in 2011. In 2017, it acquired footwear label Jimmy Choo and, in 2018, Versace.
Capri, which previously scheduled its earnings release for Tuesday, August 8, rescheduled its Q1 results announcement to Thursday, August 10, 2023, without giving any reason.
Price Action: CPRI shares traded higher by 33.55% at $46.22 premarket on the last check Thursday.
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