LVMH restates Gucci bid with two new conditions
Article Abstract:
LVMH Moet Hennessy Louis Vuitton SA reiterated its interest in acquiring Gucci NV. However, LVMH established two new conditions for making an offer for Gucci. The company stated that it was still willing to make a $85 per share bid for Gucci. LVMH would only do so if Gucci's board of directors made available the 42% share of the Italian luxury firm that is controlled by Pinault Printemps Redoute. LVMH also required that creative designer Tom Ford remain with Gucci for a minimum of two years after the offer is completed.
Comment:
LVMH reiterates interest in acquiring Gucci with two new conditions
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
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Gucci's move puts suitor-rival LVMH on pins and needles
Article Abstract:
In a move to prevent LVMH Moet Hennessey Louis Vitton from accomplishing a "creeping takeover", Gucci Group has implemented an employee stock ownership plan. The move in effect dilutes LMVH's stake in Gucci to 26% from 34.4%. LMVH considers the action a fraudulant attempt to deprive it of voting rights and plans to sue.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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