(Bloomberg) -- Capri Holdings Ltd. put options far below the market went from being almost worthless to a potential value greater than $2 million as shares plunged more than 50% in aftermarket trading after a judge blocked the bag maker’s proposed merger with Tapestry Inc.

Most Read from Bloomberg

• Robotaxis Are No Friend of Public Transportation

• Booming Cambridge Exposes England’s Widening Wealth Gap

• Oman Sees an Urban Future Distinct From Dubai and Abu Dhabi

• Climate Change Is Killing Buildings in Slow Motion

• Argentina Drug Trafficking Hotspot Sees Murders Plunge

As of Thursday, there were almost 4,500 put options open — allowing the holders to buy 450,000 shares — at $25. More than 2,300 of the contracts changed hands over the course of the day, including 600 in the last 10 minutes of trading for 5-10 cents each.

With shares dropping to around $20, those contracts would be worth upwards of $5 each when trading opens Friday, implying a potential total value of more than $2 million for the 4,500 options.

And it’s not just the very short-term options — there are more than 30,000 of the $25 puts expiring Nov. 15 that have suddenly jumped in value.

Most Read from Bloomberg Businessweek

• A New Economy for Wood Is Slowly Taking Root in California

• The Print Magazine Revival of 2024

• Who Thinks China’s Not an Economic Powerhouse? China

• Home Depot’s 12-Foot Skeletons Spawned an Industry of Giant Halloween Decor

• The Surprisingly Lucrative Business of Recycled E-Waste

©2024 Bloomberg L.P.