DFS Group announces arbitrator's decision regarding proposed LVMH transaction.SAN FRANCISCO--(BUSINESS WIRE)--Dec. 17, 1996--DFS Group Limited, the world's leading retailer to the international traveler, today announced that an arbitrator designated by the company's owners has determined that the proposed acquisition of a majority of the equity of DFS (Distributed File System) An enhancement to Windows NT/2000 and 95/98 that allows files scattered across multiple servers to be treated as a single group. With Dfs, a network administrator can build a hierarchical file system that spans the organization's LANs and by LVMH LVMH Moët Hennessy-Louis Vuitton (upscale retailer) Moet Hennessy Louis Vuitton The Louis Vuitton Company (more commonly known simply as Louis Vuitton) is a luxury French fashion and leather goods brand and company, headquartered in Paris, France. It is a division of the French holding company, LVMH Louis Vuitton Moët Hennessy S.A. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : LVMHY) can proceed, provided that the parties agree to certain conditions that would protect the independence of DFS. LVMH has agreed to these provisions and is proceeding to complete the transaction. These conditions include, among other things, a written agreement that must be signed by LVMH that would ensure the long-term autonomy of DFS and its management, address the potential concerns of DFS suppliers who are competitors of LVMH, and protect the rights of DFS's minority owners. "We are pleased that this phase of the process has been concluded and that this matter is moving toward resolution," said Myron E. Ullman III, Chairman and Chief Executive Officer of DFS Group. "We are grateful to Ira Millstein, the 'Wise Man' for his hard work and extra effort in trying to craft a solution that protects the interests of all involved parties and provides for DFS to continue as a strong, independent force in global retailing. The management of DFS will continue to aggressively implement strategies aimed at ensuring the DFS remains the preeminent destination for international travelers seeking high quality merchandise at an excellent value." DFS, based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , operates more than 180 duty free and general merchandise shops in airport terminals, hotel lobbies and downtown locations throughout the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . The company's annual sales exceed $3 billion. CONTACT: James Fingeroth Michael Freitag Kekst and Company (212) 593-2655 |
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