Luxury group, LVMH, has confirmed it is in talks to takeover Tiffany and Co.
LVMH said in a statement yesterday (28 October): “In light of recent market rumours, 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 confirmed Louis Vuitton Moet Hennessy proposed a bid of $120 (£93) per share in cash. Resulting in an equivalence to a $14.5b (£11.5m) acquisition offer.
If Tiffany’s accepts the offer, this would be LVMH’s biggest purchase to date and will bolster luxury group’s jewellery offer, which already includes pieces by Dior and Bvlgari.
In a statement released by Tiffany and Co, it confirmed: “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.”