LVMH not looking to buy Tiffany's shares on market

Thursday, 04. June 2020 13:24

French luxury goods company LVMH said on Thursday that it is not considering buying shares of Tiffany & Co. on the market and, therefore, exploiting the weakness in the share price.

In a deal worth $16.2 billion agreed last year, LVMH pledged to buy the American jeweler at $135 per share. However, since then the coronavirus outbreak impacted Tiffany's share price that dropped below the offer price, LVMH said it will not buy Tiffany stock in the open market.

Shareholders in Tiffany & Co. approved the $16.2 billion acquisition bid from LVMH back in February, right before pandemic started impacting the market.

Related Links: LVMH Moët Hennessy Louis Vuitton SETiffany & Co
Author:
Breaking the News / TF