Tiffany Shares Surge 30%, Jump Above $120 LVMH Bid
October 28 2019 - 10:03AM
Dow Jones News
By Colin Kellaher
Shares of Tiffany & Co. (TIF) surged more than 30% in early
trading Monday after the iconic jeweler received a roughly $14.5
billion takeover proposal from French luxury house LVMH Moet
Hennessy Louis Vuitton SE (MC.FR).
Tiffany shares were recently changing hands at $128.24, up 30.1%
and well above the $120-a-share cash price LVMH proposed in its
non-binding bid.
Wall Street analysts in general have said the move makes sense
for LVMH, but they also have indicated a belief that the French
company will have to raise its bid.
Tiffany said its board is reviewing the LVMH proposal with its
financial and legal advisers, adding that it isn't currently in
talks with its suitor.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 28, 2019 09:48 ET (13:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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