The year-long dispute between Tiffany & Co. and LVMH Moët Hennessy Louis Vuitton has ended.
The shareholders approved an updated agreement, announced in October, whereby the Paris-based luxury retail conglomerate will acquire the famed U.S. jeweler for $131.5 a share, down from the original deal’s price of $135 a share. The reduced price brings the total price to about $15.8 billion — and saves LVMH about $425 million off the original price.
“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, Tiffany chairman, stated in October. “The board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”
After the deal is completed, Tiffany will no longer be a public company. Instead, it will be an indirect wholly-owned subsidiary of LVMH.