By Greg Roumeliotis
By Greg Roumeliotis
NEW YORK, Nov 20 (Reuters) – French luxurious group LVMH LVMH.PA has persuaded U.S. jewellery chain Tiffany & Co TIF.N to supply it with confidential due diligence after it raised its bid to shut to $16 billion, folks acquainted with the matter mentioned on Wednesday.
The event represents a key milestone in LVMH’s bid for the long-lasting U.S. maker of engagement rings. Tiffany earlier this month rebuffed LVMH’s preliminary $120-per-share all-cash supply, arguing it considerably undervalues it.
Tiffany agreed to supply LVMH with entry to its books, after the latter sweetened its bid to shut to $130 per share, the sources mentioned. Tiffany plans to proceed to barter for a greater supply, and there’s no certainty a deal might be reached, the sources added.
LVMH and Tiffany didn’t instantly reply to requests for remark.
Tiffany shares jumped 3.6% to $127.75 in after-hours buying and selling in New York on the information on Tuesday.
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