LVMH Moët Hennessy reaches $16.2 billion deal for Tiffany & Co. [MarketWatch]
TIFFANY (TIF)
Last tiffany earnings: 3/20 06:40 am
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Source: MarketWatch
LVMH Moët Hennessy reaches $16.2 billion deal for Tiffany & Co. European luxury conglomerate LVMH Moët Hennessy Louis Vuitton announced Monday that it has reached a $16.2 billion (14.7 billion euro) deal for U.S. jeweler Tiffany & Co. Under terms of the transaction, LVMH MC, +1.64% will pay $135 for each Tiffany TIF, -0.78% share. The companies have reportedly been in discussions since Tiffany pushed back on an $120-per-share offer last month from LVMH. Shares of Tiffany, which closed at $125.51 on Friday, have climbed 56% year to date, and 35% in the current quarter amid rising optimism that an agreement would be reached for the more than 180-year old company. The Wall Street Journal reported that the companies spent the weekend hammering out a deal. LVMH said the acquisition of Tiffany will help lift its presence in jewelry and the U.S. market. The deal has been approved by the boards of both companies and is expected to close in mid-2020, subject to approval by Tiffany shareh
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