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Tiffany Wants Higher Price From LVMH

Jeweler says $14.5 billion offer undervalues the company.
Nov 7, 2019 6:45 AM   By Rapaport News
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RAPAPORT... Tiffany & Co. has asked LVMH Moët Hennessy Louis Vuitton to raise its initial takeover offer, claiming it undervalues the jewelry retailer’s worth, according to media reports.

Last month, the Paris-based luxury group submitted an unsolicited, non-binding offer to acquire Tiffany for $14.5 billion. However, after reviewing the deal, Tiffany’s board decided LVMH’s $120 per-share bid was too low, Reuters reported Wednesday, citing unnamed sources.

Tiffany would be more likely to accept a bid valued at $140 per share, a price its shares achieved in July 2018, the source continued.

LVMH is said to still be engaged in its pursuit of the jeweler, and is considering a new offer, the news agency added.

Image: A Tiffany gift box. (Shutterstock)
Tags: LVMH, LVMH Moët Hennessy Louis Vuitton, Rapaport News, Reuters, Tiffany, Tiffany & CO.
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