LVMH, Tiffany agree to reduced takeover price of $131.50 per share

LVMH Moet Hennessy Louis Vuitton SE (LVMUY) and Tiffany & Co. (TIF) 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. The original takeover price was $135 per share. Other key terms of the merger agreement remain unchanged, the companies said in a statement. Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court. The boards of LVMH and Tiffany have approved the terms of the transaction and all required regulatory approvals have been obtained. The modified merger agreement provides that the regularly scheduled Tiffany quarterly dividend of 58c per share due to be declared on November 19 will be declared and paid. The merger is expected to close in early 2021, subject to Tiffany shareholder approval and customary closing conditions.