France’s LVMH is nearing a $16.7bn deal to buy Tiffany & Co, after the US jeweller managed to squeeze another higher offer from Bernard Arnault’s luxury group, according to people close to the deal.
The boards of both companies are set to meet on Sunday to approve the latest $135 per share bid from LVMH for the US maker of diamond engagement rings. The all-cash bid values Tiffany shares at $16.3bn and the company has about $350m of net debt.
The takeover may be announced as soon as Monday, these people said, though they cautioned that there were still a few more hurdles to overcome before a transaction was signed.
The deal, one of the biggest in the career of Mr Arnault, Europe’s richest man, would deliver the French owner of Louis Vuitton, Dior and Sephora a new brand that has a considerable footprint in the US and which is popular with Asian customers.
The two sides have been in talks for weeks since it was revealed that LVMH tabled its first offer at $120. Last week, the French group increased its offer to $130 per share and was granted access to Tiffany’s books to conduct due diligence.
Tiffany and LVMH did not immediately respond to a request for comment.
More to follow . . .
https://news.google.com/__i/rss/rd/articles/CBMiP2h0dHBzOi8vd3d3LmZ0LmNvbS9jb250ZW50L2M3YTdiMjMwLTBlYzItMTFlYS1hN2U2LTYyYmY0ZjllNTQ4YdIBP2h0dHBzOi8vYW1wLmZ0LmNvbS9jb250ZW50L2M3YTdiMjMwLTBlYzItMTFlYS1hN2U2LTYyYmY0ZjllNTQ4YQ?oc=5
2019-11-24 14:30:00Z
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