Tiffany & Co. has reached an agreement with Costco to settle a lawsuit the famed jewelry store filed eight years ago over the warehouse retailer selling engagement rings dubbed "Tiffany" rings.
Tiffany's says it's "paving the way for new traditions" with men's engagement rings.
New agreement calls for LVMH to pay $131.50 a share, saving it roughly $430 million
U.S. jeweler Tiffany & Co and French luxury goods giant LVMH are in talks to settle their dispute over a $16 billion takeover at a price slightly lower than that initially agreed.
Tiffany & Co. is seeing a recovery during this year of the pandemic and economic fallout as luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE tries to dump the $16.2 billion acquisition of the jewelry chain.
LVMH announced earlier in September it was backing out of what was expected to be a historic $16.2 billion deal.
A Delaware Chancery Court justice on Monday agreed to fast-track Tiffany & Co's lawsuit against French luxury goods conglomerate LVMH for trying to back out of its $16 billion deal to acquire the U.S. jeweler.
French luxury brand group LVMH said on Thursday that it will countersue Tiffany & Co. after the breakdown of what was expected to be a $16.2 billion acquisition of the iconic U.S.-based jeweler by LVMH.
Luxury brand group LVMH said on Wednesday it no longer plans to acquire iconic U.S.-based jeweler Tiffany & Co. in what was expected to be a $16.2 billion deal.
French luxury goods giant LVMH and U.S. jewelry chain Tiffany will give themselves another three months to complete their $16.2 billion tie-up after the deal did not close on the Aug. 24 date set out in deal documents, a source familiar with the discussions said.
Tiffany & Co. lost $65 million in the first quarter as the COVID-19 pandemic forced the jeweler to temporarily shutter its stores
LVMH Moët Hennessy-Louis Vuitton SE's CEO Bernard Arnault is exploring ways to pressure Tiffany & Co. to lower their agreed deal price of $135 per share, according to a report by Reuters.
The company anticipates that the merger will be completed in the middle of 2020
Berkshire Hathaway is on its fourth year without making a major acquisition.