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August 25, 2020

LVMH, Tiffany extend acquisition deadline by another three months

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.

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.

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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.

Meanwhile, LVMH revealed plans that it will not acquire luxury jewellery and speciality retailer Tiffany & Co’s shares on the market in June.

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.”

Free Report
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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.