CORRECTING and REPLACING Capri Holdings Intends to File Notice of Appeal

Rhea-AI Summary

Capri Holdings (NYSE:CPRI) has announced its intention to file a joint notice of appeal with Tapestry, Inc. This action comes in response to the U.S. District Court for the Southern District of New York's decision to grant the U.S. Federal Trade Commission's motion for a preliminary injunction, which blocks Tapestry's pending acquisition of Capri Holdings. The appeal will be filed with the U.S. Court of Appeals for the Second Circuit, in accordance with the merger agreement requirements.

LONDON--(BUSINESS WIRE)-- Headline of release should read: Capri Holdings Intends to File Notice of Appeal (instead of Capri Holdings Files Notice of Appeal).

(Photo: Business Wire)

The updated release reads:

CAPRI HOLDINGS INTENDS TO FILE NOTICE OF APPEAL

Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today reported that, consistent with the requirements of the merger agreement, it intends to jointly file with Tapestry, Inc. a notice of appeal to the U.S. Court of Appeals for the Second Circuit regarding the U.S. District Court for the Southern District of New York’s decision to grant the U.S. Federal Trade Commission’s motion for a preliminary injunction to block Tapestry, Inc.’s pending acquisition of the Company.

About Capri Holdings Limited

Capri Holdings is a global fashion luxury group consisting of iconic, founder-led brands Versace, Jimmy Choo and Michael Kors. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

Forward-Looking Statements

This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included herein, may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements, including regarding the pending merger between Tapestry, Inc. and Capri Holdings Limited. These risks, uncertainties and other factors are identified in the Company's Annual Report on Form 10-K for the fiscal year ended March 30, 2024 filed with the Securities and Exchange Commission. Please consult these documents for a more complete understanding of these risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241024593346/en/

Investor Relations:

Jennifer Davis

+1 (201) 514-8234

Jennifer.Davis@CapriHoldings.com

Media:

Press@CapriHoldings.com

Source: Capri Holdings Limited

FAQ

Why is Capri Holdings (CPRI) filing an appeal in 2024?

Capri Holdings is filing an appeal because the U.S. District Court granted the FTC's motion for a preliminary injunction blocking Tapestry's acquisition of the company.

What court blocked the Tapestry-Capri Holdings (CPRI) merger?

The U.S. District Court for the Southern District of New York blocked the merger by granting the FTC's preliminary injunction motion.

Where will Capri Holdings (CPRI) file its merger appeal?

Capri Holdings will file its appeal with the U.S. Court of Appeals for the Second Circuit.

Is Tapestry joining Capri Holdings (CPRI) in the appeal?

Yes, according to the press release, Capri Holdings and Tapestry will jointly file the notice of appeal.