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The news sent Capri's stock crashing, as its shares fell more than 45% while Tapestry shares climbed double-digits. Now that the merger is currently blocked, what should investors do with the ...
Shares of Capri Holdings plunged after a US judge blocked its pending $8.5 billion merger ... Tapestry stock moved in the opposite direction of Capri in the aftermath of the late-Thursday news ...
What would have been the biggest fashion industry merger since the mid-2000s died today after two major luxury brands confirmed that their $8.5 billion deal is off.
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.
NEW YORK (AP) — Tapestry Inc. and Capri Holdings Ltd. have filed their notice to jointly appeal the decision by a U.S. District judge to temporarily halt the merger between the makers of Coach and Michael Kors handbags, according to a court filing Monday.
The companies mutually agreed to terminate their merger agreement, citing uncertainty in the legal process and the likelihood that it would not be resolved by the February 10, 2025 outside date.
Capri is the parent company of Kors' eponymous brand, as well as Versace and Jimmy Choo. Tapestry, owner of Coach New York and Kate Spade, offered to buy Capri for $8.5 billion in 2023, [7] [8] but called off the acquisition after it was blocked by a federal judge the following year. [9]
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.