The US jeweller has told the bidder it could provide confidential due diligence for a higher sum, according to Reuters, with LMVH reportedly considering a new offer.
LVMH, the owner of upscale brands such as Louis Vuitton, Fendi, Christian Dior and Givenchy, confirmed last week it held "preliminary talks" to acquire the New York-based firm, in response to media reports which set figures at US$14.5bn, or about US$120 per share.
Tiffany – valued at US$15bn at current share prices - has been hit by the US-China trade war which has seen double-digit plunges in its sales to Chinese tourists after Beijing imposed a lower domestic sales tax.
In an initial reaction to the bid approach chatter, analysts at Deutsche Bank upgraded their rating for Tiffany to 'buy' from 'hold' and raised their target price to US$130 from US$100, saying they considered the approach "credible" on the back of Tiffany's strong brand equity, its potential relaunch and the involvement of a third party.
LVMH, which has been looking to expand to the US for years, is one of the top performers in its sector, with a market capitalisation of €194bn and a portfolio of luxury brands in high demand among Asian customers.
Tiffany’s shares were little changed in pre-market trading, hovering at US$125.20.