BREAKING: Tiffany & Co. And LVMH Moët Hennessy Louis Vuitton Conclude New Deal

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PARIS, FRANCE  LVMH Moët Hennessy Louis Vuitton is buying Tiffany & Co. after all.

The two firms which were recently battling it out in court jointly announced that they have “concluded an agreement modifying certain terms of their initial agreement” and a new purchase price of $131.50 in cash per share versus an original offer of $135. Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court.

“We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to proceed with the merger,” Roger Farah, chairman of the board of directors of Tiffany, said in a statement. “The board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”

Bernard Arnault, president and chief executive officer of LVMH, commented: “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. We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter.”

Tiffany’s current CEO Alessandro Bogliolo added: “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.”

Regulatory hurdles have already been cleared, and the deal is expected to close in early 2021, subject to Tiffany shareholder approval and customary closing conditions.

The denouement puts an end to uncertainties that were seen as harmful to Tiffany as it faces its most critical quarter in the calendar year, and allows LVMH to prevail in the largest acquisition in the luxury sector with a roughly $420 million discount.

One source suggested Tiffany was increasingly concerned it might not prevail in the Delaware court, and came under pressure from shareholders to go back to the negotiating table with LVMH. Also, with coronavirus cases spiraling in Europe, the U.S. and elsewhere, LVMH’s argument of a material adverse impact was looking more and more irrefutable.

Photos Credit: Yana Paskova/Getty Images

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Donovan is the CEO and Editor-In-Chief of For all general inquiries please email Donovan has a BA in Journalism & Media Studies from the prestigious Rutgers University. He's currently studying entertainment and fashion law.