logo-loader
viewTiffany & Co.

Croissants for breakfast as Tiffany & Co. accepts LMVH takeover

The offer, at US$135 per share, was bumped up from the previous bid of US$14.5bn or US$120 per share

Tiffany & Co. - Tiffany accepts LMVH takeover for US$16.2bn
Tiffany has been hit by the US-China trade war

Tiffany & Co. (NYSE:TIF) rose at the opening bell on Monday after it announced an agreement with French luxury group LVMH for a US$16.2bn takeover.

The French company, which owns upscale brands such as Louis Vuitton, Fendi and Givenchy, will acquire the US-based jeweller for US$135 per share in cash after Tiffany asked for the initial US$120per share/US$14.5bn offer to be bumped up.

READ: Tiffany asks LMVH to up US$14.5bn offer: media reports

Tiffany has been hit by the US-China trade war that has seen sales to Chinese tourists slide.

LVMH  has been looking to expand to the US for years and 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 has been focused on executing on our key strategic priorities to drive sustainable long-term growth,” said the jeweller’s chief executive, Alessandro Bogliolo, in a release.

“This transaction, which occurs at a time of internal transformation for our legendary brand, will provide further support, resources and momentum for those priorities.”

Shares in Tiffany were trading 6% higher on Monday morning, at US$133.25.

Quick facts: Tiffany & Co.

Price: 128.28 USD

NYSE:TIF
Market: NYSE
Market Cap: $15.55 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Helix Technologies following up strong 2019 with success in 2020

Helix Technologies (OTCQB: HLIX) President of Data Services Garvis Toler joined Steve Darling from Proactive Vancouver to discuss the company releasing their 2019 financial numbers which were very strong and also what milestones they hit to close the year.  Toler also told Proactive...

13 hours, 58 minutes ago

2 min read