BECKS
advertisement
BECKS
advertisement
BECKS
advertisement
Goto your account
Search Stories by: 
and/or
 

News












Tiffany & Co. has reportedly rejected LVMH’s initial takeover offer – but has not ruled out a future deal.
Tiffany & Co. has reportedly rejected LVMH’s initial takeover offer – but has not ruled out a future deal.

Tiffany & Co. leaves door open to LVMH takeover

International jewellery company Tiffany & Co. has rejected Moët Hennessy-Louis Vuitton SE (LVMH)’s $US14.5 billion takeover offer but remains receptive to a higher bid, according to media reports.

LVMH, the French luxury conglomerate that owns Bulgari, Christian Dior and Louis Vuitton, proposed the all-cash deal in early October, valuing Tiffany & Co. at $US120 per share.

At the time, industry commentators predicted the proposal was likely to be rejected by the Tiffany board and that a valuation of $US140 per share would be the minimum acceptable offer.

“Tiffany & Co. remains open to the LVMH takeover if a higher offer is made”

When the news became public, the Tiffany & Co. share price jumped 32 per cent, from $US98.55 to $US129.72 – close to its five-year high of $US136.27.

At the time of publication, it was trading at $US125.67.

Reuters, quoting sources ‘close to the negotiation’, reports that Tiffany & Co. remains open to the LVMH takeover if a higher offer is made. LVMH management is reportedly considering making a second bid.

Tiffany & Co. currently operates more than 320 stores worldwide. Its annual sales were $US4.4 billion ($AU6.4 billion) in 2018, with 92 per cent coming from the sale of jewellery.

Meanwhile, LVMH’s annual revenue for 2018 was €46.8 billion ($AU75.3 billion), with the majority – 67.5 per cent – coming from the fashion and leather goods and specialty retailer sectors. Watches and jewellery accounted for just 9 per cent of total revenue.

More reading:
LVMH confirms plans to buy Tiffany & Co.
Tiffany & Co. launches first full men’s collection
Watches and jewellery standouts for LVMH











SAMS Group Australia
advertisement





Read current issue

login to my account
Username: Password:
Pandora
advertisement
Jeweller Magazine
advertisement
Rapid Casting
advertisement
© 2024 Befindan Media