Senior Editor Brecken Branstrator shares insights from the show, including what people have been buying and where it could go from here.
LVMH Snags Tiffany at Lower Price
The revised acquisition terms value the deal at $15.8 billion, down from the initial price of $16.2 billion.
New York—LVMH’s acquisition of Tiffany & Co. may just go through after all.
The companies have agreed to modify the terms of their initial agreement, with LVMH purchasing Tiffany at a discount of $425 million and easing the closing restrictions.
LVMH will now pay $131.50 per share for the jeweler, or $15.8 billion, down from the initially agreed upon $135 per share, which valued the deal at $16.2 billion.
Analysts had predicted a price reduction may salvage the deal.
The companies have also agreed to settle their ongoing legal disputes in the Delaware Chancery Court.
“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,” Tiffany CEO Alessandro Bogliolo said in a press release.
The new agreement will allow LVMH to proceed with the acquisition “with confidence,” LVMH CEO Bernard Arnault said.
“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,” Arnault added.
The board of directors of LVMH and Tiffany have both approved the new terms.
The deal is expected to close in early 2021, subject to Tiffany shareholder approval and closing conditions.
It will be for all companies that deal in lab-grown materials.
Take a tour of Italian designers at COUTURE 2021.
The licensed collection features jewelry inspired by all 32 NFL teams.
PGI created the program to accelerate the growth of the platinum jewelry market in the U.S.
Health care coverage is a big expense for small businesses - find out how to lower costs long-term instead of every 12 months.