Tapestry Inc

TPR: XNYS (USA)
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Tapestry: Termination of Proposed Deal Puts Focus on Capital Returns; Shares Fully Valued

Narrow-moat Tapestry’s proposed acquisition of no-moat Capri has been called off. The merger was opposed by the US Federal Trade Commission on antitrust grounds, and it was highly unlikely to ever close after a federal judge refused to lift the agency’s block (see our notes of Oct. 25 and Nov. 7).

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