LVMH Moët Hennessy Louis Vuitton SE, the luxury products group, announced that stockholders of Tiffany & Co. have voted to approve the modified merger agreement announced on 29th October, 2020, relating to the acquisition of Tiffany by LVMH at a special meeting of Tiffany stockholders that was held on 30th December, 2020.
SEE ALSO : LVMH modifies terms for the acquisition of Tiffany & Co.
The two companies originally announced their engagement in November 2019, marking one of the largest deals in luxury industry; however the impact of Covid-19 pandemic in early 2020 led to a series of delays and lawsuits between the two parties.
SEE ALSO : L’Oréal acquires Takami Co.
After a year of long and bitter disputes, it is finally settled that LVMH will acquire U.S jeweler Tiffany for $131.5 a share, $3.50 less than the original price of $135.
The transaction is expected to close on 7th January, 2021.