Donna Karan Settlement Approved
Bloomberg News
APPAREL
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A federal judge approved Donna Karan International Inc.’s settlement with shareholders who sought more money in a buyout last year by France’s LVMH Moet Hennessy Louis Vuitton.
LVMH, the world’s largest luxury goods maker, said in late 2000 that it would buy the New York-based clothing designer for $8.50 in cash per share. After six shareholders sued in Delaware Chancery Court, the price was raised to $10.75, a $22-million increase, and lawyers agreed to settle the lawsuits.
American depositary receipts of Paris-based LVMH, which reported $10.9 billion in fiscal 2001 sales, rose 12 cents to $8.24 on Nasdaq.
