LVMH to Buy Tiffany for $131.50 per Share in Cash
October 29 2020 - 4:35AM
Dow Jones News
By Sarah Sloat
LVMH Moet Hennessy Louis Vuitton SE and Tiffany & Co. have
agreed to new terms on their initial merger agreement, which will
allow the French luxury company to pay $131.50 a share for the U.S.
jewelry maker, ending a dispute between the companies.
The new price is down from an original price tag of $135 a
share.
The companies said other key terms of their merger agreement
remain unchanged. Tiffany and LVMH have also agreed to settle their
pending litigation in the Delaware Chancery Court.
"We are as convinced as ever of the formidable potential of the
Tiffany brand and believe that LVMH is the right home for Tiffany
and its employees during this exciting next chapter," said LVMH
Chief Executive Bernard Arnault.
The merger is expected to close in early 2021, the companies
said.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
October 29, 2020 04:20 ET (08:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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