Canada Goose (GOOS) stock plummeted 5.02% during intraday trading on Thursday, following a denial from Anta Sports Products regarding its involvement in potential acquisition bids for the luxury apparel maker.

The sharp decline comes in the wake of recent media reports suggesting that Canada Goose's controlling shareholder, Bain Capital, had received bids valuing the company at approximately $1.4 billion. Among the reported suitors was a consortium allegedly formed by Anta Sports Products and FountainVest Capital. However, Anta Sports issued a clarification through a Hong Kong bourse filing on Thursday, stating that it is not involved in any potential acquisition of Canada Goose.

The denial from Anta Sports appears to have dampened investor enthusiasm surrounding a possible buyout, leading to the significant drop in Canada Goose's stock price. This development highlights the sensitivity of the market to acquisition rumors and subsequent clarifications, especially when involving high-profile brands in the luxury apparel sector. As the situation continues to unfold, investors will likely be closely monitoring any further statements from potential bidders or Canada Goose itself regarding the reported takeover interest.