2023-11-06 16:46:24 ET
Tapestry's ( NYSE: TPR ) planned $57 a share acquisition of Capri Holdings ( NYSE: CPRI ) received a request for more information from the Federal Trade Commission.
Tapestry ( TPR ) and Capri ( CPRI ) received a second request from the FTC on Friday, according to an 8-K filing on Monday. The second request extends the HSR waiting period until 30 days after the companies have substantially complied with the request.
Both Tapestry ( TPR ) and Capri ( CPRI ) expected to "promptly" respond to the second request and to continue to work cooperatively with the FTC in its review of the deal, according to the filing. The companies continue to expect that the $8 billion deal will be completed next year.
Tapestry ( TPR ) in early August struck a deal to acquire CaprI ( CPRI ) for $57.00 per share in cash. The deal will combine Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors.
Tapestry ( TPR ) is scheduled to report Q1 results on Thursday and Capri ( CPRI ) will post its earnings the same day.
More on Capri
- Capri Holdings: 10.4% Potential Upside Within Estimated 2-3 Months
- Tapestry And Capri: A Deep Dive Into M&A Odyssey And A Lost Decade
- Tapestry: Capri Acquisition Raises Multiple Red Flags (Rating Downgrade)
- Capri Holdings gains amid speculation of a counter bidder
- Capri Holdings drops as HSR waiting period for sale to Tapestry was set to expire
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Tapestry's planned purchase of Capri Holdings gets in-depth FTC review