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Tuesday, January 19, 2021

Tiffany Agrees with LVMH on Lower Price in $16 Billion Takeover Agreement

US jeweler Tiffany agreed with LVMH on Wednesday night to slightly lower the price of its takeover by the French luxury goods group, in a move that is set to end the legal dispute between the two this send year.

US jeweler Tiffany agreed with LVMH on Wednesday night to slightly lower the price of its takeover by the French luxury goods group, in a move that is set to end the legal dispute between the two this send year.

Tiffany and LVMH had agreed to lower the price of the $16 billion takeover to $131.4 per share from $135 per share, and that an announcement that the agreement is therefore back on track could take place on Thursday.

The report added that new terms would mean a discount of $425 million for LVMH, led by billionaire businessman Bernard Arnault, or less than 3 percent of the initial deal price.

One of the sources told Forbes that the new agreement was likely to close in January, assuming it gains approval from Tiffany shareholders. 

Under the new deal there would be no restrictions on Tiffany’s ability to pay dividends until the deal closes.

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