Luxurious group, LVMH, have confirmed it’s in talks to takeover Tiffany and Co.
LVMH mentioned in a press release yesterday (28 October): “In mild of current market rumours, the LVMH Group confirms that it has held preliminary discussions relating to a attainable transaction with Tiffany’.There may be no assurance that these discussions will lead to any settlement.”
Tiffany confirmed, Louis Vuitton Moet Hennessy proposed a bid of $120 (£93) per share in money. Leading to an equivalence to a $14.5b (£11.5m) acquisition supply.
If Tiffany’s accepts the supply, this may be LVMH’s greatest buy thus far and can bolster luxurious group’s jewelry supply, which already consists of items by Dior and Bvlgari.
In a press release launched by Tiffany and Co, it confirmed: “whereas the events should not in discussions, Tiffany’s board of administrators, in line with its fiduciary duties, is fastidiously reviewing the proposal, with the help of impartial monetary and authorized advisors, to find out the plan of action it believes is in the perfect pursuits of the corporate and its shareholders. Tiffany shareholders want take no motion at the moment.”