LVMHF - Tiffany shareholders OK LVMH takeover in end to year-long dispute

Tiffany ([[TIF]] +0.1%) shareholders overwhelmingly approve the company's $15.8B deal with LVMH (LVMHF), ending the dispute between the two luxury retailers that had stretched for more than a year.As agreed in October, LVMH will pay $131.5/share, down from $135 in the original deal signed late last year.WSJ reported earlier this week that LVMH's controlling shareholder, French billionaire Bernard Arnault, was livid that Tiffany planned to pay full dividends before the deal closed, so he tried to renegotiate the deal at a price 11% lower than the original $135.The article observes that LVMH is making its purchase as Tiffany's reputation and sector have taken hits, partially due to lower traffic at malls in the U.S. since the coronavirus hit.Tiffany recently said its sales were improving, citing demand recovery in the U.S. ahead of the holiday season and the strong pace of China and e-commerce sales.

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Tiffany shareholders OK LVMH takeover in end to year-long dispute