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.