Tiffany Confirms USD 120/Share LVMH Buyout Proposal.
M2 EQUITYBITES-October 29, 2019-Tiffany Confirms USD 120/Share LVMH Buyout Proposal
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29 October 2019 - New York-based jeweler Tiffany and Co. (NYSE: TIF) has received an unsolicited, non-binding proposal from French luxury goods group LVMH Moet Hennessy Louis Vuitton to acquire Tiffany for USD 120 per share in cash, the company has confirmed.
The all cash takeover offer is worth around USD 14.5bn. LVMH already owns luxury jeweler Bulgari.
While the parties are not in discussions, Tiffany's board of directors is reviewing the proposal, with the assistance of independent financial and legal advisors, to determine the course of action it believes is in the best interests of the company and its shareholders.
Tiffany is successfully executing on its business plan and remains focused on achieving its goal of becoming The Next Generation Luxury Jeweler.
Centerview Partners and Goldman Sachs are serving as financial advisors to Tiffany and Sullivan and Cromwell is serving as Tiffany's legal advisor.
In 1837, Charles Lewis Tiffany founded his company in New York City. Since then, Tiffany and Co. has grown to where today it has more than 14,000 employees.
Tiffany and its subsidiaries design, manufacture and market jewelry, watches and luxury accessories including more than 5,000 artisans who cut diamonds and craft jewelry in the company's workshops.
The company operates more than 300 Tiffany and Co retail stores worldwide as part of its omni-channel approach.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 29, 2019|
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