Tiffany Rises on Report It Called for Sweetened Bid From LVMH
- Company could open books with a better offer, Reuters reported
- Jewelers’ shares have traded steadily above the offer price
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Tiffany & Co. gained on a report that said the luxury jeweler asked LVMH to improve its $14.5 billion offer.
Tiffany says the offer “significantly undervalues” the company, according to Reuters, which cited unidentified people familiar with the matter. Tiffany could open its books and provide confidential due diligence with a better offer, the people told the news agency. LVMH is engaged and considering a new offer, Reuters reported, citing one of the people.