U.S. District Court blocks $8.5bn Tapestry-Capri merger, siding with FTC over competition concerns.
A U.S. District Court has blocked the $8.5 billion merger between handbag companies Tapestry and Capri, siding with the Federal Trade Commission (FTC). The judge ruled the merger would harm competition and potentially raise prices for consumers. Capri's stock fell 47%, while Tapestry's shares rose 13%. Although the deal had received approval from regulators in Japan and the EU, this ruling jeopardizes the merger's future in the U.S. market.
October 24, 2024
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