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MajorsDec 01, 2020
Tiffany Sets Date for Shareholders to Approve New Acquisition Terms
Shareholders need to OK the modified terms of LVMH’s acquisition of the company, which include a $425 million discount.
The Tiffany & Co. flagship store in Sydney. The company’s shareholders will meet virtually on Dec. 30 to vote on the new terms of LVMH’s acquisition of the jeweler. (Image courtesy of Tiffany & Co.)
New York—Tiffany & Co. stockholders are set to meet virtually later this month to vote on the jeweler’s impending acquisition by LVMH.
The special stockholders meeting is scheduled to take place Dec. 30 at 9 a.m. EST.
The companies agreed in October to modify the terms of their initial agreement, with LVMH purchasing Tiffany for $425 million less 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.
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 the news release announcing the modified terms.
The board of directors of both LVMH and Tiffany have already approved the new terms.
The deal is expected to close in early 2021, subject to Tiffany shareholder approval and closing conditions.
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