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Following the termination of the merger agreement, Tapestry will redeem $6.1 billion in senior notes tied to the acquisition, paying 101% of their principal amount plus accrued interest, as per ...
With Tapestry's $8.5 billion merger with luxury retail peer Capri called off, CIO Yang Lu can dedicate her focus on innovative technologies, like artificial intelligence.
Fashion company Tapestry on Thursday said it's terminating its proposed merger with Capri because the two luxury groups don't expect to overcome an antitrust challenge within an acceptable time frame.
The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said. Tapestry said in an emailed statement to The Associated Press on Thursday that the decision granting the FTC’s request for a preliminary injunction was “disappointing” and “incorrect on the law and the facts.” 10/28/2024 16:16 -0400
The company said it intends to appeal the decision, consistent with its obligations under the merger agreement. Capri could not be immediately reached for comment. Neil Saunders, managing director of GlobalData, said in a published note that the blocking of Tapestry’s acquisition of Capri will come as a blow to both companies.
Image source: Getty Images. Tapestry. The government's blocking of the deal with Capri could be the best thing for Tapestry. The company will have to pay Capri up to $50 million if the deal is ...
Responding to the suit, Tapestry and Capri said they would fight it in court with the aim of closing the transaction by the end of 2024. [16] [17] The merger was blocked on 24 October 2024. [18] Capri and Tapestry committed to appealing the decision, [18] but called off the merger the following month. [19]
Tapestry and Capri each had their reasons for wanting to join forces. For Tapestry, which gets 76% of its revenue from Coach, a mature brand, the goal of the merger was to find new sources of growth.