FTC Is Preparing Lawsuit to Block Tapestry's Purchase of Capri [BNN Bloomberg (Canada)]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: BNN Bloomberg
The Federal Trade Commission is expected to file a lawsuit as soon as Monday, according to the person, who asked not to be named discussing a private matter. Tapestry had no immediate comment on the expected suit. If successful, the suit could scuttle the creation of a US-based luxury conglomerate to compete with the big European fashion companies. Tapestry sells leather products and other luxury goods under the Coach, Kate Spade and Stuart Weitzman brands, while Capri controls high-end labels Michael Kors, Versace and Jimmy Choo. Capri's stock price has fallen over the past several trading sessions based on perceived negative comments last week from FTC officials about how they define market share, Bloomberg News reported April 15. That sent the gap between where Capri is trading and Tapestry's $57-per-share takeover bid to nearly the widest level since the merger was announced in August. Wednesday morning, shares of Capri fell 2.3% before US markets opened, while Tapestry's
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