A federal judge blocked Tapestry's acquisition of Capri on Thursday following a brief trial last month in New York. In her order, Judge Jennifer Rochon granted the Federal Trade Commission's motion for a preliminary injuction to block the proposed merger,

Capri Holdings shares are plummeting nearly 50% in premarket trading Friday after a federal judge blocked Coach owner Tapestry's $8.5 billion acquisition of the Versace and Michael Kors parent.

A federal court sides with the FTC, which argued that a Tapestry-Capri merger would raise prices for handbags.