Tiffany Confirms Non-Binding Takeover Proposal From LVMH
October 28 2019 - 8:52AM
Dow Jones News
By Colin Kellaher
Tiffany & Co. (TIF) on Monday confirmed that it has received
an unsolicited $120-a-share takeover proposal from LVMH Moet
Hennessy Louis Vuitton, and said its board is reviewing the
non-binding bid.
The New York jeweler said it isn't currently in talks with LVMH
on its proposal, which values Tiffany at about $14.5 billion.
Shares of Tiffany, which closed Friday at $98.55, surged 32.4%
in premarket trading to $130.93, well above the takeover price
proposed by the French luxury-goods giant.
Tiffany said its board will work with its independent financial
and legal advisers "to determine the course of action it believes
is in the best interests" of the company and its shareholders.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 28, 2019 08:37 ET (12:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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