Capri stock craters 46% after judge blocks $8.5 billion Tapestry deal

Published On Oct 24, 2024, 7:34 PM

Capri Holdings' stock dropped approximately 46% in after-hours trading after a U.S. judge blocked its planned $8.5 billion merger with Tapestry, citing antitrust concerns that the deal would reduce competition in the luxury handbag market. The judge's ruling came after the Federal Trade Commission had sought to block the acquisition earlier this year. Tapestry plans to appeal the decision, arguing that the merger would enhance competition in a fragmented market. Following the ruling, Tapestry's stock rose roughly 13%.