Tiffany rises on report it called for sweetened bid from LVMH
LVMH is engaged and considering a new offer, Reuters reported
New York: Luxury jeweller Tiffany & Co. jumped, reversing earlier declines, after a report from Reuters saying it asked LVMH to improve its $14.5 billion offer.
Tiffany says the offer is undervalued, Reuters said, citing unidentified people familiar with the matter. The company could open its books and provide confidential due diligence with a better offer, according to the report.
LVMH is engaged and considering a new offer, Reuters reported one of the people said.
Representatives for Tiffany did not immediately reply to a request for comment.
Tiffany shares rose as much as 1.2 per cent to $125.78 in New York. They had already gained 54 per cent this year through Tuesday’s close.