WASHINGTON (dpa-AFX) - Shares of Capri Holdings Limited (CPRI) are rising
56.11 percent on Thursday after the company agreed to be acquired by Tapestry
(TPR) for $8.5 billion.

Capri is currently trading at $54.03, up $19.42 or 56.11 percent. The stock
opened its trading at $54.50 after closing Wednesday's trading at $34.61. The
stock has traded between $53.92 and $54.52 in the past 52-week period.

The acquisition is projected to yield cost synergies of $200 million within
three years of the deal's closure, a factor that likely played a role in
convincing both sides to move forward.

Despite the acquisition, a notable 17% quarterly dividend has been approved.

The transaction is anticipated to be completed in 2024 and will be financed
through a combination of new debt and existing cash on the balance sheet.
Further financial details of the deal are not disclosed.



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