Tiffany & Co. said in August that it expects it will need about US$ 27.1 million to purchase all the outstanding shares of Little Switzerland Inc. it doesn“t own, according to a Form 10-Q filed with …
Tiffany & Co. said in August that it expects it will need about US$ 27.1 million to purchase all the outstanding shares of Little Switzerland Inc. it doesn“t own, according to a Form 10-Q filed with the Securities and Exchange Commission. The company said the figure includes fees and expenses. In August, Tiffany began a US$ 2.40 per-share tender offer for about 12% of Little Switzerland“s common stock. The company also said earlier that the offer is subject to the tender of enough Little Switzerland shares so that Tiffany would own at least 90% of the shares upon closing. In addition, the stock purchase agreement and tender offer are subject to the tender of a majority of Little Switzerland“s shares, excluding those owned by Tiffany, investor Seymour Holtzman or any of Holtzman“s affiliates. Tiffany beneficially owns about 45% of Little Switzerland“s outstanding common stock. Little Switzerland, based in St. Thomas, U.S. Virgin Islands, is a speciality retailer of luxury items that operates stores in the Caribbean and Alaska. Tiffany, based in New York, retails jewellery, silver, china, watches, crystal, stationery, corporate gifts and other luxury items through its stores and boutiques.