07:17 AM EST, 11/14/2024 (MT Newswires) -- Tapestry (TPR) said Thursday it has agreed with Capri Holdings ( CPRI ) to terminate their merger agreement amid regulator opposition to the deal.

The high-end apparel and accessories retailer said the legal process surrounding the merger is uncertain and unlikely to be resolved by Feb. 10.

Chief Executive Joanne Crevoiserat said the company will find organic ways to accelerate growth.

The company also announced an additional $2 billion share repurchase authorization, adding to an existing $800 million outstanding on a prior authorization.

The company said it will redeem $6.1 billion in senior notes associated with the planned acquisition and has agreed to reimburse Capri's transaction expenses of approximately $45 million.

The company also said it is reaffirming its fiscal 2025 outlook.

Tapestry's shares were up more than 3% while Capri's shares were down 5% in recent Thursday premarket activity.

Price: 53.25, Change: +1.99, Percent Change: +3.88