Tiffany (TIF) Accepts Takeover Offer Of Louis Vuitton Owner
Zacks Investment Research | Nov 25, 2019 07:40AM ET
Tiffany & Co. (NYSE:TIF) accepted the buyout offer of LVMH Moet Hennessy Louis Vuitton SE or LVMH. The owner of Louis Vuitton and Givenchy has entered into a deal to acquire the New York-based jewelry retailer for more than $16 billion. This takeover will provide LVMH a competitive edge in the fast-growing product categories and expand footprint in the U.S. luxury market.
LVMH’s latest offer was $135 a share in cash versus the earlier bid of $120 made in October. Following the news, shares of Tiffany, which competes with Signet (NYSE:SIG) , are up roughly 6% during the pre-market trading on Nov 25. So far in the year, shares of this Zacks Rank #3 (Hold) company have surged 55.9% compared with the Zacks Investment Research
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