ColumnistsOct 22, 2024
The Smart Lab: Tips for Preparing for Your Best Q4 YetFrom prioritizing the customer experience to optimizing inventory, columnist Emmanuel Raheb shares the keys to a successful holiday season.
MajorsJan 05, 2021
Tiffany Shareholders Approve LVMH Deal
The French luxury titan will acquire Tiffany in a deal valued at $15.8 billion.
A Tiffany & Co. “Soleste” round engagement ring in platinum with diamonds. The jeweler’s shareholders have approved the company’s acquisition by LVMH.
New York—Tiffany & Co. shareholders approved the jeweler’s impending acquisition by LVMH during a special meeting Dec. 30, as per a filing with the U.S. Securities and Exchange Commission.
The French luxury titan will acquire Tiffany in a deal valued at $15.8 billion, $425 million less than the initial price.
The companies agreed in October to modify the terms of their agreement, with LVMH purchasing Tiffany for 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.
The two were set to head to court this month after LVMH had previously announced its intention to back out of the deal, citing closing date issues and a request from the French government.
In response, Tiffany filed a lawsuit in Delaware to force LVMH to move forward with the deal, claiming it had breached the merger agreement by dragging its feet on obtaining regulatory clearances and was just looking for excuses to get out of the acquisition.
LVMH then filed a lawsuit of its own, planning to challenge the way Tiffany’s management handled the COVID-19 crisis, noting that the company distributed “substantial dividends” when it was losing money and that its operation and organization are not “substantially intact.”
With legal battles in the rearview and shareholder approval secured, the deal is expected to close in early 2021.
Editors' Picks
Sponsored by
More on Majors
The Latest
Events & AwardsOct 22, 2024
WJA Foundation Names First Winner of Hedda Schupak Scholarship Journalist Priya Raj plans to use the scholarship funds to further her media qualifications and amplify marginalized communities.
SourcingOct 21, 2024
De Beers to List Single Country of Origin for Some of Its Diamonds It will start with rough diamonds that are larger than 1.25 carats and later expand to rough diamonds that are above 1 carat.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
CollectionsOct 21, 2024
Pandora Turns Things Upside Down in New ‘Stranger Things’ CollectionThe capsule collection is inspired by friendship and connection, with a nod to ‘80s fashion.
Weekly QuizOct 18, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 18, 2024
Piece of the Week: Babe Paley’s Clip-Brooch NecklaceThe New York socialite’s elegant, transformable piece from the 1960s is headed to auction later this month.
Recorded WebinarsOct 18, 2024
Watch: 2 Experts on the Challenges of Appraising Lab-Grown DiamondsTexas jeweler Susan Eisen and NAJA’s Gail Brett Levine discuss how lab-grown diamonds have altered the landscape for jewelry appraisers.
Brought to you by
Why You Can't Miss JA New York This FallDon't miss this one-stop-shop in October, curated with buyers’ needs in mind.
CrimeOct 18, 2024
The End of an Era: John Kennedy Reflects On 32 Years at JSA On the verge of retirement, Kennedy recounts the most stressful stretch of his time at JSA and reveals what he’ll miss about the industry.
AuctionsOct 17, 2024
Shirley Bassey’s ‘Baignoire’ Breaks Auction Record Part of the Welsh singer’s extensive jewelry collection, the bathtub-shaped Cartier watch went for nearly $72,000 at Sotheby’s Paris.
GradingOct 17, 2024
Renowned Gemologist and Author Alan Hodgkinson Dies at 87 He dedicated his life to researching, writing, and speaking about gemstones in the hope he could inspire others to share his passion.
Policies & IssuesOct 17, 2024
Ethical Gem Fair Returns to BrooklynThe event is slated for Oct. 17-19.
SourcingOct 17, 2024
Gem Legacy Adventures Announces 2025 Trip 12 spots are available for travelers to visit Northern Tanzania and Southern Kenya from July 25 to Aug. 4.
IndependentsOct 16, 2024
Retailer Hall of Fame 2024: Ronald Leitzel and Tonia Leitzel UlshThough they didn’t grow up together, siblings Ronald Leitzel and Tonia Leitzel Ulsh have grown together as co-owners of Mountz Jewelers.
CrimeOct 16, 2024
Two Arrested in Home Invasion Murder of 72-Year-Old Detroit JewelerThe men allegedly posed as employees of a local energy company to gain entry to Hussein Murray’s home and then killed him in the basement.
FinancialsOct 16, 2024
LVMH Jewelry, Watch Sales Down 5 Percent So Far This Year Sales slipped 4 percent in the third quarter in an environment the company described as economically and politically uncertain.
SurveysOct 16, 2024
Here’s What the NRF Expects This Holiday SeasonThe U.S. presidential election, inflation, and the aftermath of recent hurricanes could all have an impact on spending.
CollectionsOct 15, 2024
Miseno Celebrates 10 Years With High Jewelry, New HiresThe Italian brand is also releasing a coffee table book and opening its headquarters and workshop in Valenza, Italy.
IndependentsOct 15, 2024
Retailer Hall of Fame 2024: Craig and Judd Rottenberg The pair of brothers, each with his own strengths, takes a divide-and-conquer approach to bettering the stores they grew up working in.
SourcingOct 15, 2024
Petra’s Sale of Koffiefontein Diamond Mine ApprovedThe mining company is set to hand over the South African diamond mine to an affiliate of Stargems Group by the month’s end.
MajorsOct 15, 2024
Sy Kessler Celebrates 56 Years in BusinessThree generations of the Kessler family have been a part of the Dallas-based company.
AuctionsOct 11, 2024
Bonhams Reports ‘Fierce Bidding’ for Dianne Feinstein’s Jewels All 74 lots of jewelry belonging to the late Democratic senator found buyers at Bonhams Los Angeles.
CollectionsOct 11, 2024
Piece of the Week: Gemfields x Kimberly McDonald Jewelry SuiteThe two collaborated on a necklace and a pair of earrings that praise the beauty of Zambian emeralds.
MajorsOct 11, 2024
The Kingswood Company Launches New Retail Fixture ProgramRetailers can move jewelry care lines off countertops with the fixtures, which were designed for a “sophisticated retail environment.”
Events & AwardsOct 11, 2024
ICA Congress Goes to BrazilThe 20th ICA Congress is slated for May 19-22 in Brasília, Brazil.
MajorsOct 10, 2024
Why Ritani Is Partying Like It’s 1999The jeweler is celebrating its 25th anniversary with a throwback campaign.
CollectionsOct 10, 2024
Pomellato Revives Past Designs for New Capsule Collection“Memorie D’Archivio” was inspired by the “Mora” and “Mosaico” collections the brand introduced in the ‘90s.
