Tiffany & Co. Enters into Cooperation and Standstill Agreement with JANA Partners
February 21, 2017
Cleary Gottlieb is representing Tiffany & Co. in connection with the cooperation agreement with JANA Partners announced on February 21, 2017.
Pursuant to the agreement, JANA and Francesco Trapani, the former CEO of Bulgari, have agreed to standstill and voting undertakings for the benefit of Tiffany, while Tiffany has agreed to appoint, and subsequently nominate at its 2017 Annual Meeting of Stockholders, three new independent directors: Roger Farah, James Lillie and Mr. Trapani. In addition, JANA and Mr. Trapani have committed to be independent of each other going forward.
Tiffany & Co. is a jeweler and specialty retailer whose merchandise offerings include an extensive selection of jewelry, as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories.