Tiffany stockholders approve merger with LVMH
The company anticipates that the merger will be completed in the middle of 2020
Tiffany & Co shareholders made it official on Tuesday, voting in favor of a takeover of the luxury jewelry company by LVMH Moët Hennessy-Louis Vuitton.
LVMH announced it was buying Tiffany & Co. for $16.2 billion, or $135 per share in cash on Nov. 24.
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Tiffany will join iconic brands including Louis Vuitton, Givenchy and Celine under the LVMH umbrella.
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LVMH is not required to hold a vote of its stockholders to approve the Merger Agreement.
The company anticipates that the merger will be completed in the middle of 2020.
LOUIS VUITTON PARENT BUYING TIFFANY FOR $16.2B
Its chairman, Bernard Arnault, joined Amazon CEO Jeff Bezos and Microsoft founder Bill Gates as the only people in the world worth more than $100 billion in June.
Warren Buffett turned down a chance to buy Tiffany & Co. after the jeweler received a takeover bid from luxury goods company LVMH in November, according to sources familiar with the matter.
WARREN BUFFETT TURNED DOWN A SHOT TO BUY TIFFANY & CO: REPORT
Buffett apparently made the decision as his holding company, Berkshire Hathaway, goes on its fourth year without making a significant acquisition despite its $128 billion cash on hand.
LVMH offered Buffett the chance to make a counteroffer, but he declined, The Financial Times reported citing those who know the circumstances.
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Buffett confirmed to the Times that LVMH approached him with the opportunity.
Fox Business' Audrey Conklin and Edie Fordham contributed to this article.