After what was a bitter lawsuit, LVMH has finally agreed to buy Tiffany & Co. for $400 million less than the originally agreed sum. Both companies finally concluded on an agreement that modifies certain aspects of the initial agreement, and also agreed to settle their litigation in the Delaware Chancery Court.
In case you are worried about your dividends, Tiffany & Co. dividends of 58cents per share will be declared and paid on the 19th of November, 2020 as mentioned in the modified merger agreement.
The deal whose price tag was brought down to $15.8 billion after the takeover price dropped from $135 to $131.5 a share, will close in early 2021.
Then, Let’s Talk Apple vs. Google
In other news, Apple is building its own search engine in a move to launch a full on attack on Google business of search. The latest version of the iPhone operating system, iOS 14, saw Apple improve its search capabilities. This change however, went unnoticed and involves Apple displaying search results on its own engine, rather than through another engine.
As usual, this “luxury” is only available to Apple users, so android users, no offence intended, but kindly sit this one out. [Proceeds to hand you a comfy seat. You’re welcome!]
Covid: The Bane of Our Existence
Amidst more coronavirus fears, the US stock market on Monday pointed sharply lower. New data showed a jump in COVID 19 cases across the United States and Europe, causing restrictions to tighten and raising concerns about business operations.
Three major indices have fallen over this week, they include: S&P 500, NASDAQ, and the major fall, by DOW.
Energy, Industrials and the financial sectors were the worst hit in the S&P 500, while the American Express and Sales force dropped the most in the DOW. Also sinking were shares of companies like American Airlines (AAL), cruise lines including Norwegian Cruise Line Holdings (NCLH) and hotels like Wynn Resorts (WYNN) sank. What these companies have in common is that they stand to benefit the most from lesser restrictions due to COVID 19.
AstraZeneca (AZN), however, went up 134 points and 1.69% on Monday after their announcement that its COVID-19 vaccine developed with the University of Oxford produced a robust immune response in elderly individuals. This rise however, was not for long as Astrazeneca fell back… you know… like a pack of cards.
The times are uncertain, and so are the stocks too but #WeMove
Toodles!
