LVMH to buy Tiffany for 131.50 dollars per share in cash

LVMH Moët Hennessy Louis Vuitton SE (LVMH) and Tiffany & Co. have concluded an agreement modifying certain terms of their initial merger agreement reflecting a purchase price of 131.50 dollars per share in cash and to reduce closing conditionality. LVMH said in a statement that both the companies have also agreed to settle their pending litigation in the Delaware Chancery Court.

Commenting on the development, Bernard Arnault, President and CEO of LVMH, said: “This balanced agreement with Tiffany’s board allows LVMH to work on the Tiffany acquisition with confidence and resume discussions with Tiffany’s management on the integration details. 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.”

The company added that the modified merger agreement provides that the regularly scheduled Tiffany quarterly dividend of 58 cents per share due to be declared on November 19, 2020 will be declared and paid.

“We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to proceed with the merger,” added Roger N. Farah, Chairman of the board of directors of Tiffany.

Picture:Facebook/LVMH