By Sarah Sloat
LVMH Moet Hennessy Louis Vuitton SE and Tiffany & Co. have agreed to new terms on their initial merger agreement, which will allow the French luxury company to pay $131.50 a share for the U.S. jewelry maker, ending a dispute between the companies.
The new price is down from an original price tag of $135 a share.
The companies said other key terms of their merger agreement remain unchanged. Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court.
"We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter," said LVMH Chief Executive Bernard Arnault.
The merger is expected to close in early 2021, the companies said.
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(END) Dow Jones Newswires