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LVMH Sweetens Tiffany Bid to $16 Billion as Deal Nears

  • An agreement could be announced as soon as Monday, sources say
  • Transaction values New York-based jeweler at $135 a share
Tiffany Soars Above Offer Price As Street Sees Other Bidders
Photographer: Mark Kauzlarich/Bloomberg

LVMH is close to a deal to buy Tiffany & Co., the fabled U.S. jeweler, for more than $16 billion as it seeks to clinch what would be Chairman Bernard Arnault’s biggest-ever takeover.

The French luxury conglomerate’s new proposal -- at $135 a share -- is 12.5% above the initial $120-a-share bid, according to people familiar with the matter. Both companies’ boards are meeting Sunday to approve the latest offer and an agreement could be announced as soon as Monday, the people said, asking not to be identified because the details are private.