With identical statements, LVMH and Tiffany & Co. confirm a new deal has been struck. The Merger Agreement is to be revised with a lower purchase price of $US131.50 per share and new closing conditions. In a press release released on its web site, LVMH administration expresses “shock” at Tiffany & Co.’s legal submitting within the US, calling it “totally unfounded” and “communicated in a deceptive method to shareholders and… defamatory”. Media stories, quoting sources near the negotiation, indicate that the Tiffany & Co. board has rejected the $US14.5 billion provide as too low, but is ‘receptive’ to the next bid.
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