Tapestry’s deal is dead. What’s next for the company and the M&A landscape?

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Tapestry’s attempt to acquire Capri is officially dead.

Tapestry, which owns Coach, Kate Spade and Stuart Weitzman, announced its intention to acquire Capri, the owner of brands like Michael Kors, Versace and Jimmy Choo, in August of last year. But a legal challenge from the FTC, led by chair Lina Khan, put up barriers to the acquisition. This month, the acquisition was officially blocked according to a court ruling, and on Thursday, Tapestry formally announced the termination of the deal.

Announced alongside the end of the deal is a $2 billion share repurchase program financed by a combination of cash on hand and future debt.

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