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US court blocks Tapestry's $8.5 billion acquisition of rival Capri

  • A U.S. District judge blocked Tapestry's $8.5 billion acquisition of Capri, stating it would reduce competition and hurt consumers.
  • The ruling noted Tapestry Inc. And Capri Holdings are "close competitors" and that the merger would raise prices for shoppers.
  • Tapestry called the court's decision "disappointing" and said it infringes on their growth plans.
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