Happy Staff10.29.20
A dead deal is suddenly a done deal. LVMH will acquire Tiffany & Co. at a new purchase price of $131.50 a share, that's down from the original $135 a share offer. At the same time, the luxury goods makers have agreed to settle their pending litigation amicably.
“We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to proceed with the merger," said Tiffany Chairman Roger N. Farah. "The board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”
Best known for its little blue boxes filled with jewelry, Tiffany also markets fragrances. LVMH is one of the largest prestige fragrance marketers in the world.
The boards of directors of LVMH and Tiffany have approved the terms of the transaction and all required regulatory approvals have been obtained. The merger is expected to close in early 2021, subject to Tiffany shareholder approval and customary closing conditions.
“This balanced agreement with Tiffany’s board allows LVMH to work on the Tiffany acquisition with confidence and resume discussions with Tiffany’s management on the integration details," said LVMH President and CEO Bernard Arnault. "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.”
“We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to proceed with the merger," said Tiffany Chairman Roger N. Farah. "The board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”
Best known for its little blue boxes filled with jewelry, Tiffany also markets fragrances. LVMH is one of the largest prestige fragrance marketers in the world.
The boards of directors of LVMH and Tiffany have approved the terms of the transaction and all required regulatory approvals have been obtained. The merger is expected to close in early 2021, subject to Tiffany shareholder approval and customary closing conditions.
“This balanced agreement with Tiffany’s board allows LVMH to work on the Tiffany acquisition with confidence and resume discussions with Tiffany’s management on the integration details," said LVMH President and CEO Bernard Arnault. "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.”
