Tiffany & Co. has revised its merger agreement with LVMH Moët Hennessy Louis Vuitton SE, modifying certain terms of their initial agreement to reflect a purchase price of approximately $16 billion and reduce closing conditionality. Other key terms of the merger agreement remain unchanged. Under the deal, announced October 29, Tiffany will pay its regular quarterly dividend of $0.58 per share in its fourth quarter. The two luxury retailers have also agreed to settle their litigation in the Delaware Chancery Court.
Roger N. Farah, Chairman of the Board of Directors of Tiffany, commented: “We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to proceed with the merger. The Board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”
The S&C corporate team advising Tiffany is led by Frank Aquila and Melissa Sawyer and includes Olivier de Vilmorin (Paris) and associates Benjamin Goodchild and Donna Kim. Rick Pepperman and Brian Frawley led the litigation team handling the Delaware proceedings.
Earlier this year, Melissa Sawyer earned a coveted spot as an American Lawyer Dealmaker of the Year
for her work guiding Tiffany in the transaction.