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Nov. 27, 2020, 6:46 a.m. EST

Tiffany to hold virtual special shareholder meeting on Dec. 30 for vote on amended LVMH deal

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By Ciara Linnane

Tiffany & Co. said Friday it will hold a virtual special shareholder meeting on Dec. 30, to allow a vote on an amended merger agreement with France's LVMH Moët Hennessy-Louis Vuitton SE /zigman2/quotes/201350549/delayed FR:MC -0.31% . Shareholders of record as of close of business Nov. 30 will be entitled to vote at the meeting, the jewelry company said. The deal is expected to close early in 2021, based on the outcome of the vote. Tiffany agreed to accept a lower price from LVMH in October, after the deal was derailed by the coronavirus pandemic. LVMH will now pay $131.50 a share, down from an original price of $135 a share. Tiffany agreed to sell itself to the European consumer conglomerate late last year in a roughly $16.2 billion deal. LVMH, whose roughly 75 brands include Louis Vuitton and Bulgari, is aiming to expand in China where luxury goods are more in demand as a new middle class emerges with money to spend. Tiffany shares were not active premarket, but have fallen 1.6% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.57% has gained 12%.

/zigman2/quotes/201350549/delayed
FR : France: Euronext Paris
506.40
-1.60 -0.31%
Volume: 669,459
Jan. 27, 2021 5:38p
P/E Ratio
57.65
Dividend Yield
0.91%
Market Cap
€255.71 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,750.77
-98.85 -2.57%
Volume: 3.78B
Jan. 27, 2021 4:20p
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