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FinancialsJan 07, 2020
Tiffany Sets Date for Vote on LVMH Acquisition
The jeweler’s shareholders will vote on the multi-billion-dollar merger in February.
Five candy-colored golden rings from Tiffany’s recent holiday catalog ($210,000). The jeweler has scheduled a shareholder vote to approve its acquisition by luxury conglomerate LVMH.
New York—Tiffany & Co. shareholders will soon have their say about the jeweler’s pending acquisition by LVMH.
The French luxury titan proposed a deal this November to acquire the American jeweler for $16.2 billion.
The acquisition would bring Tiffany under LVMH’s umbrella and add to its stable of watch and jewelry brands, which already includes Bulgari, TAG Heuer and Hublot.
The addition of Tiffany to the portfolio is expected to strengthen LVMH’s position in the jewelry market and bolster its presence in the United States, LVMH said.
RELATED CONTENT: What Tiffany’s Acquisition Means for the Jewelry IndustryThe jeweler’s position in the U.S. is a strength, Bernstein analyst Luca Soltani said, but he also noted that perhaps, “LVMH would want to upgrade the Tiffany flagship stores, and streamline the rest of the retail network.” LVMH’s focus may shift to Asia, where Jefferies analyst Flavio Cereda said the company could leverage the strength of the Tiffany brand to bolster its position with millennials.
Tiffany reported double-digit growth in mainland China and highlighted higher spending by locals in its third-quarter results.
A special meeting of Tiffany’s stockholders is scheduled for the morning of Feb. 4 at its corporate offices on Fifth Avenue in New York, according to a recent filing with the Securities and Exchange Commission.
The board of directors of both Tiffany and LVMH already have approved the acquisition and recommended shareholders approve it as well.
The deal is expected to close in mid-2020, subject to stockholders’ approval as well as regulatory clearances and other customary closing conditions.
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