Tiffany-LVMH deal clears two important hurdles
The tentative $16.2 billion purchase of Tiffany & Company is closer to reality.
Tiffany stockholders have voted to approve adoption of the purchase agreement and plan of merger with France’s LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods company. The November 2019 transaction, valued at $135 a share in cash or $16.7 billion, is the largest ever in the retail luxury sector.
Holders of approximately 71% of Tiffany’s shares voted in favor of the proposal to adopt the merger agreement, representing approximately 99% of votes cast (excluding abstentions). In addition, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the merger for U.S. antitrust purposes expired Feb. 3.
LVMH is not required to hold a vote of its stockholders to approve the merger agreement. Tiffany anticipates that the merger will be completed in the middle of 2020, subject to the satisfaction or waiver of the remaining customary conditions to closing, including receipt of other required regulatory approvals.