Shares of Versace Owner Capri Seen Falling 30% If Deal With Coach Owner Tapestry Fails [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
That's the finding of a Bloomberg poll of merger-arbitrage specialists after the US Federal Trade Commission sued on Monday to block Tapestry's acquisition of its fashion-industry rival. For merger-arb traders, the challenge is to figure out which side will prevail in court, an outcome that likely won't be known for months. Capri's stock slumped for a third straight day Wednesday. It has lost some 6% since Monday's close and last traded around $35.50, well below the $57-per-share takeover bid. The stock was near $35 before the merger was announced in August. Complicating traders' task, Capri has released disappointing results the past two quarters. The shares may fall to the mid-$20-range or lower, so roughly 30% or more below the current level, if the transaction fails, according to a Bloomberg survey of 20 merger-arb specialists. The break price, as the downside potential is known, reflects respondents' views on the stock's value by year-end, when some poll participants expect
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