Tiffany shares jump as LVMH confirms takeover interest
High-fashion powerhouse LVMH confirmed on Monday it is talks over a potential takeover of the iconic U.S. jewelry company Tiffany & Co.
"In light of recent market rumours, the LVMH Group confirms that it has held preliminary discussions regarding a possible transaction with Tiffany. There can be no assurance that these discussions will result in any agreement," an LVMH spokesman confirmed to FOX Business.
The news sent Tiffany shares up 19 percent in premarket trading.
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Paris-based LVMH offered roughly $14.5 billion in cash for Tiffany & Co., according to the Wall Street Journal.
"As a policy, we decline to comment on rumors and speculation," a Tiffany & Co. spokesperson told FOX Business on Sunday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TIF | NO DATA AVAILABLE | - | - | - |
LVMH owns iconic brands including Louis Vuitton, Givenchy and Celine. Its chairman, Bernard Arnault, joined Amazon CEO Jeff Bezos and Microsoft founder Bill Gates as the only people in the world worth more than $100 billion in June.
LVMH's bid would put the value of a Tiffany share at approximately $120. The stock closed at $98.55 a share on Friday.