U.S. jeweler Tiffany & Co is close to reaching an agreement with LVMH to lower the price of its acquisition by the French luxury goods giant to $131.5 per share, a source familiar with the matter said.
The original deal, agreed last November, envisaged LVMH buying Tiffany for $135 per share.
But the French group said last month it could no longer complete the deal, citing what it said was Tiffany’s poor performance during the coronavirus pandemic and a French government letter asking it to delay the acquisition.
The two sides have been facing off in a Delaware court, with Tiffany seeking to force LVMH to honour the deal.
Following are key dates in the legal dispute in the run-up to the trial, which is scheduled to start on Jan. 5.
Nov. 2-25 – Key witnesses in the case, including LVMH Chairman Bernard Arnault, due to give depositions.
Nov. 20 – Tiffany is expected to announce a quarterly dividend payment of $0.58 per share.
Nov. 24 – The acquisition must be completed by this date, under the original contract.
Jan. 5, 2021 – Four-day trial due to start in Delaware.
Jan. 6 – A letter to LVMH by the French foreign minister asked the group to delay completing the deal until Jan. 6.
Feb. 3 – U.S. antitrust clearance of the deal expires.