LVMH and Tiffany & Co conclude an agreement with modified terms

LVMH and Tiffany & Co conclude an agreement with modified terms

LVMH and Tiffany & Co announced that they have concluded an agreement modifying certain terms of their initial agreement to reflect a purchase price of $131.50 in cash and to reduce closing conditionality. Other key terms of the Merger Agreement remain unchanged. Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court.

Roger N. Farah, Chairman of the Board of Directors of Tiffany, commented. “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. The Board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”

Bernard Arnault, President and CEO 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.”

Alessandro Bogliolo, Tiffany CEO, said, “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.