Tiffany Confirms Receipt of Unsolicited, Non-Binding Proposal from LMVH
October 28 2019 - 08:02AM
Business Wire
Tiffany Shareholders Advised to Take No Action
Pending Board Review
Tiffany & Co. (NYSE:TIF) today confirmed it has received an
unsolicited, non-binding proposal from LMVH Moet Hennessy – Louis
Vuitton to acquire Tiffany for $120 per share in cash.
While the parties are not in discussions, Tiffany’s Board of
Directors, consistent with its fiduciary responsibilities, is
carefully reviewing the proposal, with the assistance of
independent financial and legal advisors, to determine the course
of action it believes is in the best interests of the Company and
its shareholders. Tiffany shareholders need take no action at this
time.
Tiffany is successfully executing on its business plan and
remains focused on achieving its goal of becoming The Next
Generation Luxury Jeweler.
Centerview Partners and Goldman Sachs are serving as financial
advisors to Tiffany and Sullivan & Cromwell is serving as
Tiffany’s legal advisor.
About Tiffany & Co.:
In 1837, Charles Lewis Tiffany founded his company in New York
City where his store was soon acclaimed as the palace of jewels for
its exceptional gemstones. Since then, TIFFANY & CO. has become
synonymous with elegance, innovative design, fine craftsmanship and
creative excellence. During the 20th century its fame thrived
worldwide with store network expansion and continuous cultural
relevance, as exemplified by Truman Capote’s Breakfast at Tiffany’s
and the film starring Audrey Hepburn.
Today, with more than 14,000 employees, TIFFANY & CO. and
its subsidiaries design, manufacture and market jewelry, watches
and luxury accessories – including more than 5,000 skilled artisans
who cut diamonds and craft jewelry in the company’s workshops,
realizing its commitment to superlative quality. The company
operates more than 300 TIFFANY & CO. retail stores worldwide as
part of its omni-channel approach. To learn more about TIFFANY
& CO. as well as its commitment to sustainability, please visit
tiffany.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191028005432/en/
Jason Wong (973) 254-7612 jason.wong@tiffany.com
Tiffany (NYSE:TIF)
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