LVMH & Tiffany reach a buyout agreement
The luxury group confirms the rumors that circulated since yesterday about the resumption of negotiations with the American jewelry house.
It went for 131,50 dollars per action.
In an official press release published on Thursday, October 29, the giant LVMH and the New York jeweler confirm that they have found common ground around their merger project, announced in November 2019.
As part of the deal, the amount of the tender offer was reduced from $ 135 to $ 131.50 per share. While the other major principles of the agreement remain unchanged, the two protagonists also indicate that they are putting an end to the legal proceedings which began a few weeks ago in the Delaware court.
“We are delighted to have reached an agreement with LVMH at an attractive price and to be able to move forward now. The Board of Directors considered that it was in the interest of all our stakeholders to finalize this transaction with certainty ”indicates Roger N. Farah, Chairman of the Board of Directors of Tiffany, while Bernard Arnault, Chairman and CEO of LVMH welcomes “a balanced agreement”. “We are more than ever convinced of the formidable potential of the Tiffany brand,” he emphasizes.
The latest regulatory authorizations – including the green light from the European Commission – having been obtained, the modalities for integrating Tiffany & Co. into the LVMH portfolio should be refined in the coming days for the transaction to be finalized in early 2021. .
