Economic news
Coach parent Tapestry terminates $8.5 billion deal for Capri
2024.11.14 07:07
(Reuters) -Tapestry said on Thursday it was terminating its $8.5 billion deal for Michael Kors owner Capri after the deal was blocked by a U.S. judge.
Shares of Tapestry (NYSE:) were up 5% in premarket trading, while those of Capri were down 3%.
The companies said they have mutually agreed that terminating the merger agreement at this time was in their best interest, as the outcome of the legal process is uncertain and unlikely to be resolved by the Feb. 10, 2025 outside date.
Tapestry said it has agreed to reimburse Capri’s expenses incurred in connection with the transaction of about $45 million.
