4 big deal reports: Michael Kors parent rockets on huge buyout deal with Tapestry

investing.com:

By Davit Kirakosyan

Here is your Pro Recap of 4 head-turning deal dispatches you may have missed this week: Deals at Capri-Tapestry, Decibel-Regeneron, Amazon in talks to potentially anchor Arm's IPO, and Digital World Acquisition and Trump Media & Technology Group reaffirm commitment to the merger.

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Capri (NYSE:CPRI) shares rocketed more than 55% on Thursday after Tapestry (NYSE:TPR) said it agreed to buy Capri, the parent company of Michael Kors, for $57 per share in cash, as reported in real time on InvestingPro.

The deal is valued at roughly $8.5 billion.

The companies anticipate achieving cost synergies exceeding $200 million within three years of finalizing the transaction. Together, the businesses generated global annual sales of $12B and nearly $2B in adjusted operating profit in the prior fiscal year.

Tapestry shares dropped nearly 16% on Thursday following the announcement.

Special purpose acquisition company Digital World Acquisition (NASDAQ:DWAC) and Trump Media & Technology Group (TMTG), the latter of which operates the Truth Social platform, reaffirmed their commitment to merge after Wednesday's market close, unveiling an amendment to their October 2022 merger agreement, according to which TMTG will go public via a $1.7B SPAC deal with DWAC.

This development comes after DWAC revealed that it had received an email from Truth Network regarding a specific section of the agreement. DWAC's interpretation of this was that by obtaining shareholder approval to extend the liquidation timeline by three months — until September 8, 2024 — it can similarly prolong the agreement's «Outside Date» for that same duration. In contrast,