RAPAPORT… Tiffany & Co. investors approved LVMH’s $15.8 billion acquisition of the company at a special meeting on Wednesday, paving the way for the transaction to close early in the new year.
Shareholders of the storied US jeweler voted “overwhelmingly” in favor of the modified deal, LVMH said in a statement Thursday. More than 99% of votes were in favor, Reuters reported.
LVMH expects the deal to complete on January 7, 2021, it added. The development follows a legal dispute after the French luxury group pulled out of the takeover in September, only for the parties to negotiate a lower price.
Image: Tiffany jewelry boxes. (Shutterstock)
Tiffany Shareholders Back LVMH Takeover
The Bottom Line
- Tiffany & Co. investors voted overwhelmingly to approve LVMH’s $15.8 billion acquisition.
- More than 99% of shareholder votes supported the modified takeover deal.
- LVMH expects to complete the acquisition on January 7, 2021, following a renegotiated price after a legal dispute.
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