Go Party? Go Skafa! Go Skafa! Go Party!

LVMH Moët Hennessy Louis Vuitton SE („LVMH“), the world`s leading luxury goods group, and Tiffany & Co. (NYSE: TIF) („Tiffany“), the global luxury jeweller, today announced that they have entered into an agreement modifying certain terms of their original agreement (the „Merger Agreement“) to reflect a purchase price of $US 131.50 in cash and reduce closing conditionality. Other important conditions of the merger agreement remain unchanged. Tiffany and LVMH have also agreed to settle their ongoing litigation in Delaware Chancery Court. The companies agreed on new contract terms, with LVMH paying $US 131.50 per share for the iconic U.S. jewelry maker, the companies said, confirming coverage of the Wall Street Journal. This is a decrease in an initial price of 135 $US per share, representing savings of approximately $US 430 million for LVMH. Tiffany and LVMH have also agreed to settle their ongoing disputes in Delaware. Roger N.

Farah, Chairman of Tiffany`s Board of Directors, commented. „We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to continue the merger. The Council concluded that it was in the interest of all our stakeholders to obtain certainty of the conclusion. By the approval of the merger by the majority shareholders – Tiffany & Co, 183 years old. of a publicly traded company trading as a subsidiary of LVMH that trades euronext, with Louis Vuitton, Christian Dior, Givenchy and Céline, under more than 70 other luxury names – the parties are ending the ugly dispute that erupted this autumn in a dispute after LVMH tried to withdraw from the deal. according to LVMH, the devastation caused by the COVID-19 pandemic on the market and in particular on Tiffany`s activities. The deal valued Tiffany at $15.8 billion instead of $16.2 billion. Other important conditions of the merger agreement remain unchanged. Participants in Solicitation Tiffany and its directors, senior officers and some of its employees may be considered participants in the collection of authority by the company`s shareholders with respect to the proposed acquisition.

Information about the company`s directors and officers can be found in the proxy statement for the 2020 Annual General Meeting, which was filed with the SEC on April 20, 2020. Further information about the proxy call participants in connection with the proposed acquisition and a description of any interests they will have in the proposed acquisition by equity or otherwise will be included in the proxy statement and other relevant documents that will be submitted to the SEC with respect to the proposed acquisition as they become available. These documents can be obtained free of charge from the SEC`s website under www.sec.gov and via the company`s investor relations section on its website in investor.tiffany.com/financial-information. The boards of directors of LVMH and Tiffany have approved the terms of the transaction and all necessary administrative approvals have been obtained. The amended merger agreement provides that Tiffany`s quarterly dividend, to be distributed on November 19, 2020, will be declared and paid.

Comments are closed.