LVMH backs down on renegotiating the $16.2-billion acquisition deal with Tiffany
LVMH CEO Bernard Arnault has been in talks with his advisers this week to identify ways to pressure Tiffany to lower the agreed price of $135 per share in cash, Reuters reported on Wednesday.
LVMH has decided it will not raise the issue of repricing the deal with Tiffany for now, after it considered the legal hurdles involved, the sources said. Arnault, who is also LVMH’s controlling shareholder, continues to harbor concerns that the company is overpaying for Tiffany, some of the sources said.
While Tiffany is in compliance with covenants it had agreed to with its creditors, LVMH will be closely monitoring Tiffany’s finances in the coming weeks to see if this remains the case, the sources added. Tiffany shares soared on the news and were trading up 8% at $123.95 in early morning trading on Friday. This represents an 8% discount to the $135 per deal share price. LVMH shares were trading up 3.4% at 403.3 euros in Paris.
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