Capri Holdings (CPRI) issued the following statement in response to the U.S. Federal Trade Commission’s unprecedented challenge to the proposed acquisition of Capri by Tapestry (TPR): “Capri Holdings strongly disagrees with the FTC’s decision. The market realities, which the government’s challenge ignores, overwhelmingly demonstrate that this transaction will not limit, reduce, or constrain competition. Tapestry and Capri operate in the fiercely competitive and highly fragmented global luxury industry. Consumers have hundreds of handbag choices at every price point across all channels, and barriers to entry are low. Capri intends to vigorously defend this case in court alongside Tapestry and complete the pending acquisition. The U.S. FTC is the only regulator that did not approve this transaction, which received required approvals from all other jurisdictions. We remain confident in this combination and the value it will bring to all stakeholders.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CPRI:
- M&A News: Investors Await FTC Meeting that May Block CPRI-TPR Deal
- Capri Holdings downgraded to Mixed from Positive view at OTR Global
- FTC prepares suit to block Tapestry’s $8.5B takeover of Capri, NY Times reports
- Capri Holdings Nears Merger Completion with Tapestry Approval
- Tapestry receives European approval for Capri acquisition