Ron Nussbaum from Maverick Value, joins the podcast to discuss the Capri Holdings Limited / Tapestry ($CPRI / $TPR) acquisition agreement.
You can follow Ron Nussbaum @MaverickValue on Twitter/X here: https://x.com/MaverickValue
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[2:05] Overview of Capri / Tapestry acquisition and why FTC suing to block the combination
[6:01] Capri fundamental value even if deal doesn't go through
[11:46] FTC's case
[20:06] FTC's raised pricing issue
[25:15] Tapestry's response and defining the market / employee side of the antitrust argument
[33:01] Why were all five Commissioners (3 dems, 2 repubs) voting to sue (and not voting on party lines)
[36:00] Industry uniqueness
[40:09] Thoughts on the case's judge
[44:14] Industry commentary
[46:32] Recut
[48:07] Room for settlement possible?
[49:02] Deal breaks tomorrow, whats the possible downside / market odds for both deal going through and downside (not going through)
[55:39] Biggest discrepancy between Ron's view on the case and the market's view on the case
[58:31] HotDocs
[1:01:15] Final thoughts / timeline on the case
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