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On November 30, 2020, an Extraordinary General Meeting (EGM) was held virtually by Tiffany in order to submit to its shareholders the amendment made at the end of October to its merger agreement with LVMH. The latter consisted in lowering the sale price of the New York jeweler’s shares to $131.59 per share. By selling 132,217 shares, Tiffany’s CEO, Alessandro Bogliolo, achieved total sales of $17.4 million.
The transaction, which concludes a long negotiation process between the two luxury giants, is itself the result of a series of sales of Tiffany & Co (TIF) shares. Senior Vice President Andrea Davey sold 5,817 shares of TIF at an average price of $131.57 on November 25, 2020.
On the same date, and for an obviously identical price per share, Senior Vice President Leigh M. Harlan sold 8,396 shares of TIF, while Andrew W. Hart sold 9,200 shares. On the same day, Vice President Gretchen Koback-Pursel sold 6,146 shares of TIF for the fixed price of $131.57.
It was an amazing transaction then, when CFO Mark J Erceg sold 106,909 shares of TIF on November 25, this time for a slightly higher average price of $131.61. The share price has since declined by 0.1%.
Ultimately, this sale of Tiffany shares is proving to be profitable for LVMH, which will now benefit from the good economic spin-offs of the American jeweler. With average annual EBITDA growth of 5.20% over the last ten years, Tiffany’s market capitalization is $15.96 billion.
In addition, this recently implemented sale agreement has put an end to the legal actions between the two companies. The transaction is expected to be completed in early 2021, subject to customary conditions, including regulatory approvals.
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Featured Photo : © Profumerie Pinalli[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
On November 30, 2020, an Extraordinary General Meeting (EGM) was held virtually by Tiffany in order to submit to its shareholders the amendment made at the end of October to its merger agreement with LVMH. The latter consisted in lowering the sale price of the New York jeweler’s shares to $131.59 per share. By selling 132,217 shares, Tiffany’s CEO, Alessandro Bogliolo, achieved total sales of $17.4 million.
The transaction, which concludes a long negotiation process between the two luxury giants, is itself the result of a series of sales of Tiffany & Co (TIF) shares. Senior Vice President Andrea Davey sold 5,817 shares of TIF at an average price of $131.57 on November 25, 2020.
On the same date, and for an obviously identical price per share, Senior Vice President Leigh M. Harlan sold 8,396 shares of TIF, while Andrew W. Hart sold 9,200 shares. On the same day, Vice President Gretchen Koback-Pursel sold 6,146 shares of TIF for the fixed price of $131.57.
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On November 30, 2020, an Extraordinary General Meeting (EGM) was held virtually by Tiffany in order to submit to its shareholders the amendment made at the end of October to its merger agreement with LVMH. The latter consisted in lowering the sale price of the New York jeweler’s shares to $131.59 per share. By selling 132,217 shares, Tiffany’s CEO, Alessandro Bogliolo, achieved total sales of $17.4 million.
The transaction, which concludes a long negotiation process between the two luxury giants, is itself the result of a series of sales of Tiffany & Co (TIF) shares. Senior Vice President Andrea Davey sold 5,817 shares of TIF at an average price of $131.57 on November 25, 2020.
On the same date, and for an obviously identical price per share, Senior Vice President Leigh M. Harlan sold 8,396 shares of TIF, while Andrew W. Hart sold 9,200 shares. On the same day, Vice President Gretchen Koback-Pursel sold 6,146 shares of TIF for the fixed price of $131.57.
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