Prada closes Versace deal and Somnigroup offers to buy a supplier

Capri Holdings last week announced that it completed a sale of Versace to Prada S.p.a. For nearly $1.4 billion in cash. 

“With the successful completion of the sale of Versace, we plan to use the proceeds to repay the majority of our debt, which will substantially strengthen our balance sheet,” Capri CEO John Idol said in a statement. “We remain focused on executing our strategic initiatives across Michael Kors and Jimmy Choo to maximize the potential of our iconic brands.”

Leggett & Platt this week said its board is reviewing an unsolicited proposal from bedding giant Somnigroup International to acquire the 140-year-old company for $12 per share. The manufacturer of mattresses and other goods has been a Somnigroup supplier for years.

On Monday, Somnigroup –  formed after Tempur Sealy acquired Mattress Firm early this year for $5 billion – disclosed its letter to Leggett & Platt regarding the proposal, which Somnigroup said reflects more than a 30% premium above Leggett & Platt’s average closing price in the previous 30 days. “We hope that you share our enthusiasm,” Somnigroup CEO Scott Thompson wrote, and asked for a response by Dec. 22. 

The Weekly Closeout: Prada closes Versace deal and Somnigroup offers to buy a supplier | Retail Dive

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