Greenlight says ‘reestablishing’ Capri Holdings long position

In its quarterly letter to investors, David Einhorn’s Greenlight Capital stated in part: “It was a slow period for new long positions. The only significant addition, which is actually a repurchase, was Capri Holdings (CPRI). We’ve been reestablishing our position, and as of the end of the quarter our average entry price was $32.13 per share… The shares now trade at a substantial discount to the deal price. Upon review of the FTC complaint and the responses from CPRI and Tapestry, we believe the challenge is likely to be defeated in court later this year.”