Tiffany & Co argued that the $120-per-share offer significantly undervalues the jeweler. The company's board is eyeing a buyout price of $140 per share, according to sources.Acquiring Tiffany would increase LVMH's presence in the bridal and diamond category and help it reach US luxury shoppers.Tiffany & Co has asked Bulgari owner LVMH to raise its $14.5 billion acquisition offer, arguing that it significantly undervalues the U.S.
The sources asked not to be identified because the negotiations are confidential. Tiffany and LVMH did not immediately respond to requests for comment. Under Chief Executive Alessandro Bogliolo, former head of fashion firm Diesel and a Bulgari alumnus, Tiffany has been building up its e-commerce business, and is trying to court younger shoppers with more affordable pendants and earrings and new designs.
Greed.
This counter was expected. Can’t wait to see how this plays out.