RTTNews | Oct 29, 2020 05:04AM EDT

05:03 Thursday, October 29, 2020 (RTTNews.com) - Tiffany & Co. (TIF) agreed to accept a lower price of its acquisition by LVMH Moet Hennessy Louis Vuitton (LVMHF.PK, LVMUY.PK), ending a legal dispute between them.

The new takeover price is $131.50 per share compared to the original takeover price of $135 per share.

The companies said that other key terms of the merger agreement remain unchanged. They have also agreed to settle their pending litigation in the Delaware Chancery Court.

Last month, LVMH filed a countersuit against Tiffany in Delaware Chancery Court to walk away from its acquisition of the U.S. Jeweler, after claiming a series of poor decisions by Tiffany since the deal was announced late last year.

Tiffany said there was no valid reason to terminate the deal and filed a complaint in a Delaware court.

The U.S. court has set a trial date of January 5, 2021.

It was in November last year that LVMH agreed to buy Tiffany for $135 per share in cash. The transaction had an equity value of about 14.7 billion euros or $16.2 billion. Tiffany shareholders approved its proposed acquisition by LVMH in February.

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