TIF - Tiffany's Acquisition by LVMH Is Pushed Back to October
Though Tiffany & Co. (NYSE: TIF) and LVMH Moët Hennessy (OTC: LVMHF) appeared poised to "put a ring on it" following a $16.2 billion acquisition deal last November, the nuptials have been postponed by a regulatory snag in Australia. The review was originally supposed to arrive by April 8, but the reviewing board has pushed back the date by half a year, citing administrative delays.
LVMH, the owner of approximately 75 subsidiary luxury and fashion brands including Louis Vuitton, Givenchy, Bulgari, Kenzo Parfums, Parfums Christian Dior, and many others, agreed to pay roughly $135 per share to buy out Tiffany. LVMH recently eschewed the opportunity to reduce the purchase price by buying up Tiffany stock after its share value took a hit from the COVID-19 pandemic, instead sticking with its original offer.
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