Tiffany Shareholders Expected to Approve Acquisition by LVMH This Week
December 28, 20
(IDEX Online) - LVMH's on-off-on-again deal to buy Tiffany & Co is finally set to be approved by the jewelers' shareholders on Wednesday, 13 months after it was first agreed.
The French luxury conglomerate dramatically walked away from the $16.2bn acquisition in September, sparking bitter recriminations and legal threats from both sides.
They went on to patch up their differences, with Tiffany accepting a valuation that was $400m below the agreed price, but higher than that reportedly sought by Bernard Arnault, CEO of LVMH Moët Hennessy-Louis Vuitton.
A vote on the amended and restated merger agreement with LVMH at Tiffany's Virtual Special Stockholder Meeting is expected to be a formality in favor of the move.
The New York-based company has fared better than feared during the pandemic, with strong performances online and in sales to China.