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Tiffany Shareholders Approve LVMH Takeover


#After a long and contentious process, the proposed takeover of #Tiffany (NYSE:TIF) by #European luxury retailer LVMH #Must #Hennessy #Louis #Vuitton (OTC:LVMUY) has been approved by #Tiffany shareholders, reports #Reuters.

#More than 99% of voting shareholders approved the $15.8 billion deal that will bring a modified price of $131.50 per share to holders of #Tiffany stock.

#Image source: #Getty #Images.

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The original agreement was for a $16.2 billion deal at $135 per share. #That was in the fall of 2019, and the pandemic threw a huge wrench in the process. #Tiffany reported a global net sales decline of 45% in its fiscal first quarter, ending #April 30, 2020.

The merger agreement allowed for the closing date to be extended to #Nov. 24, 2020 if antitrust clearance was the only barrier remaining at the #August date. #Tiffany elected to extend the date since LVMH had not even filed for antitrust approval in three required jurisdictions as of #Aug. 24.

#Tiffany accused LVMH of dragging its feet to allow deadlines to pass. The dispute ended up in court with a suit and countersuit. #In late #October, the sides agreed to modify the sale price to $131.50 per share and to settle the pending litigation.

#Tiffany chairman #Roger #Farah said at the time, “#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.” #Shareholders have officially now agreed, bringing the #Tiffany brand under the LVMH luxury umbrella.





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https://www.fool.com/investing/2020/12/30/tiffany-shareholders-approve-lvmh-takeover/

##Tiffany ##Shareholders ##Approve #LVMH ##Takeover

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