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10/29, 9:09 AM (Source: TeleTrader)
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LVMH, Tiffany lower merger price to $131.5 per share

LVMH Moet Hennessy Louis Vuitton SE and Tiffany & Co announced on Thursday they reached a modified merger agreement under which LVMH will acquire the luxury jeweler at a lower price of $131.50 per share in cash, confirming earlier media reports. The original price of the acquisition was $16.2 billion or $135 per share.

The two companies stressed other parts of their earlier announced merger deal reached in 2019 remain unchanged. "This balanced agreement with Tiffany’s Board allows LVMH to work on the Tiffany acquisition with confidence and resume discussions with Tiffany’s management on the integration details," LVMH CEO Bernard Arnault stated.

Earlier this week, the European Commission approved LVMH's proposed purchase of Tiffany amid reports the French luxury company is considering pulling out of the deal.

Breaking the News / NP