Deals
Louis Vuitton Owner Offers $14.5 Billion for Jeweler Tiffany
- Tiffany says it received $120-a-share bid from France’s LVMH
- U.S. company advises shareholders to take no immediate action
LVMH has offered $14.5 billion for jeweler Tiffany & Co. in a bid that could result in Chairman Bernard Arnault’s biggest ever takeover and expand the Louis Vuitton owner’s reach into the U.S.
Tiffany said it received an unsolicited $120-a-share proposal from the luxury giant, after the French company confirmed a Bloomberg report that it was considering a bid. Tiffany shares surged 31%, on track for a record one-day gain, to $129 at 2:55 p.m. Monday in New York.