Brilliant advance

21 November 2019 By Lisa Jucca Follow @LJucca

The luxury giant upped its bid for the U.S. jeweller to $130 a share, or $16 bln with debt. That’s more than 30% above Tiffany’s price before Bernard Arnault popped the question. The valuation is a stretch for the faster-growing French group. Tiffany may not get a better offer.

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French luxury goods giant LVMH has increased its offer for U.S. jeweller Tiffany & Co to close to $130 a share, up 8% from a previous offer of $120 a share, Reuters reported on Nov. 20 citing people familiar with the matter. The new takeover offer values the U.S. company at around $16 billion, including debt.

Tiffany plans to continue to negotiate for a better offer, and there is no certainty a deal will be reached, Reuters said citing sources familiar with the matter.

Shares in Tiffany closed at $123.3 on Nov. 20. LVMH shares were down 0.7% at 395.5 euros a share at 0825 GMT on Nov. 21.

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