Tiffany shareholders give green light to new LVMH deal
Stockholders of US jeweller Tiffany & Co have given the nod for an amended merger agreement with luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE to proceed, with the transaction expected to close on January 7.
According to LVMH, Tiffany & Co’s shareholders “voted overwhelmingly” to approve the new deal announced on October 29, 2020.
As part of the modified agreement, Tiffany & Co accepted a lower price per share – US$131.50 – for its acquisition by LVMH. The two parties originally agreed on a US$135-per-share or approximately US$16.2-billion deal, which LVMH contested. The new agreement ended the legal battle between the two companies.
LVMH President and CEO Bernard Arnault earlier commented, “We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter.”
Alessandro Bogliolo, CEO of Tiffany & Co, was quoted as saying, “We continue to believe in the power and value of the Tiffany brand and the compelling long-term strategic and financial benefits of this combination.”
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