Far-Off Capri Puts Suddenly in Play as Shares Plunge.

Capri Holdings Ltd. saw a significant drop in shares by over 50% after a judge blocked its proposed merger with Tapestry Inc., causing put options with a strike price of $25 to increase in value to potentially over $2 million. Over 4,500 put options were open, allowing holders to sell 450,000 shares, with more than 2,300 contracts changing hands in a single day. The sudden increase in value also affected longer-term options, such as the $25 puts expiring on Nov. 15. [Extracted from the article]