RAPAPORT... Tiffany & Co. has asked LVMH Moët Hennessy Louis Vuitton
to raise its initial takeover offer, claiming it undervalues the jewelry
retailer’s worth, according to media reports.
Last month, the Paris-based luxury group submitted an
unsolicited, non-binding offer to acquire Tiffany for $14.5 billion. However,
after reviewing the deal, Tiffany’s board decided LVMH’s $120 per-share bid was
too low, Reuters reported Wednesday, citing unnamed sources.
Tiffany would be more likely to accept a bid valued at $140
per share, a price its shares achieved in July 2018, the source continued.
LVMH is said to still be engaged in its pursuit of the
jeweler, and is considering a new offer, the news agency added.
Image: A Tiffany gift box. (Shutterstock)
|
|
|
|
|