LVMH, Tiffany agree on lower price in takeover deal, sources say
By Greg Roumeliotis NEW YORK (Reuters) - U.S. jeweler Tiffany & Co has agreed with LVMH to slightly lower the price of its acquisition by the French luxury goods group, in a move that could end a legal dispute between the two, two sources familiar with the matter said on Wednesday
By Greg Roumeliotis
NEW YORK (Reuters) - U.S. jeweler Tiffany & Co has agreed with LVMH to slightly lower the price of its acquisition by the French luxury goods group, in a move that could end a legal dispute between the two, two sources familiar with the matter said on Wednesday.
The sources said the two sides had agreed to lower the price of the $16 billion takeover to $131.5 per share from $135 per share, and that an announcement that the deal is therefore back on track could come on Thursday.
The new terms would mean a discount of $425 million, less than 3% of the initial deal price.
One of the sources said the new deal would require approval from Tiffany shareholders, which Tiffany expects should be straightforward.
The source added that there would be no restrictions on Tiffany’s ability to pay dividends until the deal closes.
Tiffany and LVMH did not respond to requests for comment.
(Additional reporting by Uday Sampath in Bengaluru Writing by Silvia Aloisi; Editing by David Holmes)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Chuck Mikolajczak NEW YORK (Reuters) - A gauge of global stocks hit a record and oil prices jumped on Monday as the newest positive data for a potential COVID-19 vaccine and signs of economic recovery in Asia boosted sentiment. U.S. stocks advanced, with the Dow Industrials setting a record as it neared the 30,000 mark for the first time, after pharma company Moderna said its prospective vaccine was 94.5% effective in preventing the illness, which has crushed economies across the globe
By Anirban Sen and Joshua Franklin (Reuters) - Airbnb Inc's initial public offering (IPO) registration showed on Monday that the home rental startup turned a profit in the third quarter despite the COVID-19 pandemic, as it gears up for one of the most anticipated stock market debuts in recent years. The filing, published ahead of Airbnb's anticipated stock market debut in December, showed a dramatic recovery in its fortunes, after the coronavirus outbreak dragged down its core home rental business during the first half of the year. The slump forced it to lay off 25% of its workforce in May, suspend marketing activities for the year and seek $2 billion (£1.5 billion) emergency funding from investors, including Silver Lake and Sixth Street Partners, at a valuation of $18 billion
By David Lawder WASHINGTON (Reuters) - U.S. President-elect Joe Biden said on Monday the United States needed to negotiate with allies to set global trading rules to counter China's growing influence but declined to say whether he would join a new China-backed Asian trade pact signed on Sunday.