LVMH offered about $14.5 billion in cash for U.S. jeweler Tiffany & Co. in what would be the biggest purchase by the French owner of Louis Vuitton, according to people familiar with the matter.
LVMH’s all-cash bid values Tiffany at about $120 a share, one of the people said. That’s almost 22% more than the closing price of $98.55 on Oct. 25. The luxury group approached Tiffany with a takeover proposal earlier this month, said the people, who asked not to be identified because discussions are private. Tiffany is currently evaluating the bid and there’s no guarantee an agreement will be reached, they said.
