Maverick Value's Ron Nussbaum on the legal and fundamental cases for $CPRI / $TPR combination

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 Today's sponsor: Ycharts This episode is sponsored by our friends at YCharts. Taxes—they're inevitable. But, minimizing your clients’ tax burdens is a key part of your role as a financial advisor. If you're tired of the headaches from manual calculations, spreadsheets, and juggling different software during the portfolio transition process, then we have just the YCharts update for you. YCharts has released its new Transition Analysis Tool. With this new feature, you can automate the many time-consuming tasks typically associated with this part of the proposal process, so you can spend more time creating a solid foundation for your new client relationships. Advisors can easily get insights into a client’s current positions, cost basis, gains/losses, and tax implications, making transitions smoother. Clients can adjust portfolio allocations in real time, enhancing trust and collaboration with their advisors. Automated processes that free up time for easily creating comprehensive reports, making client presentations more impactful. Click the link to start your free YCharts trial so you can explore this new tool today: https://go.ycharts.com/yet-another-value