THE WHAT? LVMH and Tiffany have concluded the ongoing buy-out deal with a new purchase price of $131.50 per share, agreed by both parties.
THE DETAILS The two companies have also agreed to settle their pending litigation in the Delaware Chancery Court.
Taking to a statement, Roger Farah, chairman of the board of directors of Tiffany, said, “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. The board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”
THE WHY? Having agreed to acquire Tiffany for $135-a-share in cash last November, the buy-out has been plagued with problems, with LVMH stating that the pandemic has weakened the U.S.’ company’s prospects. Founder Bernard Arnault threatened to walk away from the deal earlier this year with the companies ending up in competing lawsuits.