12/30/2020, 4:08 PM (Source: TeleTrader)
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Tiffany shareholders approve LVMH buyout proposal

Stockholders of American luxury jewelry retailer Tiffany & Co accepted on Wednesday a $15.8 billion deal with French luxury conglomerate LVMH, ending a serious conflict between the two luxury sellers that had lasted for over a year.

At a virtual special stockholder meeting, more than 99% of votes cast were in favor of the deal. The purchase offer price was reduced to $131.50 per share from $135 per share initially expected.

LVMH and Tiffany have been in dispute since the group led by Bernard Arnault announced in September that it could not "as is" carry out its takeover project, blaming the American for management errors and performance insufficient sales.

Breaking the News / TF