French luxury goods retailer LVMH Moët Hennessy Louis Vuitton (LVMH) and global luxury jeweller Tiffany & Co have reportedly extended their acquisition deadline by three more months.
On 25 November last year, LVMH agreed to acquire Tiffany for $135 per share in cash, in a transaction with an equity value of approximately $16.2bn.
The transaction was expected to close in the middle of this year following the receipt of approvals from Tiffany’s shareholders and regulatory authorities, as well as satisfying customary closing conditions.
In February, Tiffany’s shareholders agreed to move ahead with the merger deal with LVMH.
As per Tiffany’s filing submitted earlier this year to the US Securities and Exchange Commission, the two companies set 24 August as the first deadline.
Tiffany is exercising a provision that allows one of the parties to push back the deadline to 24 November, Reuters reported citing a source.
In a separate development, Tiffany has revealed exterior renderings of the transformation underway at its Fifth Avenue flagship store.
Tiffany started the transformation last year and is expected to complete in spring 2022.
Tiffany & Co chief artistic officer Reed Krakoff said: “The Tiffany & Co Fifth Avenue flagship is arguably one of the most beloved and well-known luxury retail spaces in the world.
“It’s a place where so many have memories of important moments in their lives, filled with emotion and anticipation of the extraordinary.”