Skip to main content

Tiffany & Co shareholders approve £11.6bn LVMH takeover

// Tiffany & Co shareholders vote to approve £11.6 billion LVMH takeover
// Over 99% of shareholders voted in favour of the takeover after more than a year of negotiations
// LVMH made the first offer late last year but backed out when the Covid-19 pandemic struck

Tiffany & Co shareholders have voted to approve a $15.8 billion (£11.6 billion) takeover from French luxury fashion giant LVMH after a lengthy courtship.

Over 99 per cent of shareholders voted in favour of the takeover after more than a year of ongoing negotiations between the parties.

Bernard Arnault’s LVMH made the first offer late last year but backed out of the deal when the Covid-19 pandemic began to affect businesses.

READ MORE: LVMH cuts £425m off Tiffany & Co deal, ending long-winded dispute

LVMH also blamed the French political intervention to delay completing the acquisition until January 6.

This led to Tiffany taking legal action against LVMH to honour the deal.

LVMH then renegotiated the deal price, lowering it by $425 million.

The deal, now cleared by regulators, is expected to close in early 2021.

As agreed in October, LVMH will pay $131.5 per share, down from $135 in the original deal signed late last year.

The takeover marks the biggest deal in LVMH’s history and will give the company a larger presence in the US market and jewellery and watch division.

Click here to sign up to Retail Gazette‘s free daily email newsletter

The post Tiffany & Co shareholders approve £11.6bn LVMH takeover appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/3n5X9Ea
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more