LVMHF - Tiffany LVMH agree to lower price for takeover deal

The deal was on its way to court, but the two luxury giants have worked out a bitter legal dispute on their own.A slightly lower price will see LVMH (LVMHF) take over Tiffany (TIF) at $131.5 per share, down from $135 in the original transaction, bringing the price tag to around $15.8B (or a discount of $425M).After sealing an agreement last November, the French conglomerate had argued Tiffany should have a lower valuation due to the effect of the coronvirus crisis on its business.While the drama played out, Tiffany shareholders have continued to receive a $0.58/share quarterly dividend and are due to get another one. LVMH has criticized the decision because of the pandemic.

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Tiffany, LVMH agree to lower price for takeover deal