Tiffany & Co. buyout postponed for three months.
It seems that a pattern starts to
emerge between two of the most famous luxury brands in the world, the French #LVMH,
and the American #Tiffany & Co. The two companies are trying to fully close
a $16.2 billion deal since November last year.
At that time, the deal was
partially closed, but given that Tiffany was in debt, LVMH reconsidered its
position.
However, this year in June, the
two companies decided to give it another try. The unprecedented times made LVMH
reconsidered its position once again, and, at a board meeting in
Paris, agreed that Tiffany's acquisition price is too high, and "that it
is not considering buying Tiffany shares on the market."
But as the world is slowly
starting to return to normal, the buyout is in sight once again. The deal that began
in November was supposed to be closed by August 24, but they awarded themselves
another three months to complete the transaction.
According to the filing made by
Tiffany to the US Securities and Exchange Commission, the new deadline is
pushed as far as November 24. It is the ultimate deadline that Tiffany can
apply for under the deal. Also, because the buyer is European, the agreement
between LVMH and Tiffany must undergo regulatory approvals from the European
Union.
At the moment of writing, during
the European session, LVMH stock price is trading 1.25% higher, while, before
the opening bell of the American session, Tiffany & Co. share is trading at
-3.64%.
Sources: reuters.com, cnbc.com,
finance.yahoo.com
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