By Greg Roumeliotis
By Greg Roumeliotis
Nov 6 (Reuters) – Tiffany & Co TIF.N has requested Bulgari proprietor LVMH LVMH.PA to lift its $14.5 billion acquisition supply, arguing that it considerably undervalues the U.S. jewellery chain, folks acquainted with the matter stated on Wednesday.
Tiffany’s board determined that LVMH’s $120-per-share, all-cash bid was too low to grow to be the premise for negotiations, the sources stated. Tiffany knowledgeable LVMH it might open its books and supply confidential due diligence if the French luxurious group sweetens its supply, the sources added.
LVMH stays engaged and is contemplating a brand new supply, in response to the sources. The precise numbers being mentioned couldn’t be discovered. Sources have beforehand stated Tiffany’s board noticed a non-public stage of $140 per share, which its shares reached final 12 months, as key to reaching a deal.
The sources requested to not be recognized as a result of the negotiations are confidential. Tiffany and LVMH didn’t instantly reply to requests for remark.
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