Tiffany shareholders approve acquisition by LVMH
Tiffany & Co. Tuesday said its shareholders approved its acquisition by French luxury products maker LVMH Moët Hennessy Louis Vuitton SE or LVMH Group (LVMHF.PK, LVMUY.PK).
The stockholders approved certain compensation arrangements for named executive officers in connection with the merger.
The company announced that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the merger for U.S. antitrust purposes expired as of February 3, 2020.
In November, LVMH agreed to buy the jeweler for $135 per share in cash. The transaction has an equity value of approximately 14.7 billion euros or $16.2 billion.
LVMH expects the acquisition of Tiffany would strengthen its position in jewelry and further increase its presence in the United States. The addition of Tiffany will transform LVMH's Watches & Jewelry division and complement LVMH's 75 distinguished Houses. (dpa)