Another day and another country approves the long awaited merger. Tiffany & Co. (NYSE:TF) stock might gain another dollar or two after the news that appeared this morning.
Tiffany & Co. has received an additional regulatory approval necessary for the completion of its proposed acquisition by LVMH Moët Hennessy-Louis Vuitton SE.
On June 12, 2020, the Korea Fair Trade Commission of South Korea formally cleared the Merger.
The transaction remains subject to receiving additional regulatory clearances and the satisfaction of other customary closing conditions. Registrant expects to be in a position to close the Merger in the middle of 2020, subject to, as previously announced, the actual length of the Australian Foreign Investment Review Board’s extended review of the transaction, and more generally, subject to potential delays in the regulatory review of the transaction that may result from the novel coronavirus (COVID-19) outbreak in the jurisdictions.
As previously announced, Registrant’s stockholders on February 4, 2020 voted to approve the adoption of the Merger Agreement.