Capri stock falls as NYT reports the FTC is preparing to block takeover by Tapestry
According to a report from The New York Times on Wednesday, the Federal Trade Commission is preparing legal action to block Tapestry's (NYSE:The NYT said its sources familiar with the matter revealed that the FTC's five commissioners plan to convene next week for discussions on the matter, potentially leading to a formal vote on whether to file a lawsuit. However, they added that it is still possible the agency could choose not to sue.
Investor sentiment has soured on the proposed acquisition, with Capri Holdings' shares plummeting by 22.25% this year. Premarket, CPRI is down a further 2.4%. Tapestry shares are up 1.9% premarket. This skepticism reflects doubts about whether the deal will ultimately proceed as planned.
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