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Luxury Giant LVMH Makes Bid to Buy Tiffany & Co.
The potential deal is worth $14.5 billion.
Tiffany & Co.’s New York City flagship
New York—Louis Vuitton Moet Hennessy, the world’s largest luxury conglomerate, has made an offer to purchase Tiffany & Co.
In a statement issued Monday, LVMH said, “In light of recent market rumors, the LVMH Group confirms that it has held preliminary discussions regarding a possible transaction with Tiffany.
“There can be no assurance that these discussions will result in any agreement.”
Tiffany shares closed at $98.55 Friday, but on Monday, in light of the potential acquisition news, had soared more than 28 percent to $126.50 at the time of publication of this article.
In a statement to press, the storied American jeweler confirmed receipt of the “unsolicited” LVMH bid for $120 per share in cash.
That would value the deal at approximately $14.5 billion, the largest transaction in LVMH’s history.
Tiffany said, “While the parties are not in discussions, Tiffany’s board of directors, consistent with its fiduciary responsibilities, is carefully reviewing the proposal, with the assistance of independent financial and legal advisors, to determine the course of action it believes is in the best interests of the company and its shareholders. Tiffany shareholders need take no action at this time.”
LVMH’s portfolio spans the wine and spirits, fashion, cosmetics, and jewelry and watches sectors, owning brands Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred and Hublot in the latter category.
In Tiffany’s latest financial results, worldwide same-store sales dipped 4 percent due in part to weak Chinese tourist spending, which continued to effect the retailer.
As of July 31, there were 322 Tiffany stores in operation, including 124 in the Americas, compared with 320 a year prior.
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