Consumer
Capri Sinks After FTC Wins Halt to $8.5 Billion Tapestry Tie-Up
- Capri shares plunge after antitrust enforcer gets deal frozen
- Tapestry said halt would kill union; FTC cited hit to rivalry
WATCH: SW Retail Advisors’ Stacey Widlitz reacts to a federal judge blocking the planned $8.5 billion acquisition by Tapestry of rival Capri Holdings.
Source: BloombergThis article is for subscribers only.
Shares of Capri Holdings Ltd. plunged Friday morning after a federal judge on Thursday blocked the company’s planned $8.5 billion acquisition by Tapestry Inc., maker of Coach and Kate Spade handbags.
The shares were down 45% to $22.82 at 9:44 a.m. in New York, a record drop for the stock, while shares of Tapestry were up 12.6% to $50.06.