Tapestry Abandons Bid for Capri

(Reuters) – Tapestry (NYSE:TPR) abandoned its $8.5 billion bid for Michael Kors owner Capri after a judge blocked it following a lawsuit by the U.S. Federal Trade Commission (FTC), marking the latest regulatory squeeze under the Biden administration.

Terminated Deals

JetBlue-Spirit Merger

Deal Value: $3.8 billion
JetBlue Airways (NASDAQ:JBLU) and Spirit Airlines (NYSE:SAVE) scrapped their merger agreement after a U.S. judge blocked the deal in January 2024 on anti-competition concerns.

Avangrid-PNM Resources

Deal Value: $8.3 billion
Iberdrola (OTC:IBDRY)'s U.S. unit, Avangrid Inc (NYSE:AGR), terminated its planned acquisition of rival PNM Resources in January 2024 due to regulatory approval issues.

Deals Under Scrutiny

UnitedHealth-Amedisys

Deal Value: $3.3 billion
The U.S. Department of Justice and three states filed a lawsuit in November 2024 to block UnitedHealth's acquisition of Amedisys, citing competition concerns in home health services.

Capital One-Discover Financial Services

Deal Value: $35.3 billion
New York Attorney General Letitia James is investigating whether Capital One's proposed takeover of Discover Financial Services violates antitrust law, as of October 2024.

Kroger-Albertsons

Deal Value: $25 billion
U.S. antitrust regulators made their case to block Kroger's acquisition of rival Albertsons. Legal challenges remain, as two more trials will address concerns over grocery prices.

Nippon Steel-U.S. Steel

Deal Value: $14.9 billion
Nippon Steel's bid for U.S. Steel has faced opposition from the Biden administration and former President Trump, leading to meetings with senior officials for deal negotiation.

Tempur Sealy-Mattress Firm

Deal Value: $4 billion
The U.S. Federal Trade Commission announced in July 2024 it would sue to block Tempur Sealy’s merger with Mattress Firm, although Tempur Sealy aims to finalize the deal by early 2025.