Is the FTC Really Going to Stop Tapestry and Capri From Merging?

For months, short-selling investors have been placing a wager that Tapestry’s $8.5 billion acquisition of competitor Capri Holdings would never happen. It seemed like a longshot bet: the deal, announced in August, was enthusiastically supported by management at both companies, and uniting handbag brands Coach and Michael Kors under one roof seemed like an obvious fit.

Earlier this week, however, the contrarian view started looking a whole…