By Lenore Fedow
lenore.fedow@nationaljeweler.com
The Tiffany & Co. flagship store in Sydney. The company’s shareholders will meet virtually on Dec. 30 to vote on the new terms of LVMH’s acquisition of the jeweler. (Image courtesy of Tiffany & Co.)
New York—Tiffany & Co. stockholders are set to meet virtually later this month to vote on the jeweler’s impending acquisition by LVMH.

The special stockholders meeting is scheduled to take place Dec. 30 at 9 a.m. EST.

The companies agreed in October to modify the terms of their initial agreement, with LVMH purchasing Tiffany for $425 million less and easing the closing restrictions.

LVMH will now pay $131.50 per share for the jeweler, or $15.8 billion, down from the initially agreed upon $135 per share, which valued the deal at $16.2 billion.

The companies have also agreed to settle their ongoing legal disputes in the Delaware Chancery Court.

“We continue to believe in the power and value of the Tiffany brand and the compelling long-term strategic and financial benefits of this combination,” Tiffany CEO Alessandro Bogliolo said in the news release announcing the modified terms.

The board of directors of both LVMH and Tiffany have already approved the new terms.

The deal is expected to close in early 2021, subject to Tiffany shareholder approval and closing conditions.



TAGS:   Retail
Get the Daily News >
National Jeweler

Fine Jewelry Industry News

Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.