A special committee of Little Switzerland’s Board of Directors has recommended that stockholders accept an unsolicited tender offer from Tiffany & Co. to purchase remaining shares at $2.40 in cash.

Tiffany’s owns about 45% of Little Switzerland stock and have formed a partnership with the Caribbean-based specialty retailer, to open Tiffany boutiques in Little Switzerland stores on the Caribbean islands.

Little Switzerland notes that the board’s decision is a recommendation and that stockholders should make their own decision on whether to sell to Tiffany’s.

Little Switzerland, Inc., St. Thomas, U.S. Virgin Islands, is a leading specialty retailer of brand name watches, jewelry, crystal, china, and accessories, operating in 20 stores on five Caribbean islands, Florida, and Alaska.

JCK