BUZZ-Capri, Tapestry slip as US FTC sues to block $8.5 bln merger of luxury handbag makers

Reuters04-23

** Shares of Michael Kors owner Capri Holdings down ~2% at $37.10 in early trading

** Tapestry shares down ~3% at $39.21 in early trading

** U.S. Federal Trade Commission $(FTC.UK)$ sued to block $8.5 bln merger of CPRI and Coach parent TPR after market close on Monday

** "The proposed merger threatens to deprive millions of American consumers of the benefits of Tapestry and Capri's head-to-head competition" - U.S. FTC

** TPR and CPRI said on Monday they disagreed with FTC's decision

** CPRI adds, we remain confident in the combination and value the merger will bring to all stakeholders

** Since the deal was announced last Aug, CPRI shares have gained 9.7% up to last close, while TPR has dipped 2.26%

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment