Shares of Tapestry (TPR, Financial), the parent company of Coach, soared over 10.3% to $56.55. This significant rise follows the announcement that Tapestry and Capri Holdings have mutually agreed to terminate their $8.5 billion merger agreement.
Both companies released a joint statement highlighting the decision to end the merger as being in their best interests. The companies cited uncertainties in legal proceedings and the unlikely resolution before February 2025 as key reasons for their decision.
