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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.
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