LVMH Is Considering Buying Tiffany Shares on Open Market
- Stock was trading 13% below agreed deal price as markets slump
- Plan shows commitment to $16 billion takeover agreed last year
A pedestrian wears a face mask while pushing a stroller past a Tiffany & Co. luxury goods store in Hong Kong, China, on Feb. 6.
Photographer: Ivan Abreu/BloombergLVMH, the French luxury giant that agreed in November to acquire Tiffany & Co. for $135 a share, is considering buying the jeweler’s stock for less on the open market amid a coronavirus-driven slump, people familiar with the matter said.
LVMH has discussed the idea with Tiffany’s board, which could grant permission for the potential purchases to go ahead after earnings, said the people, who asked not to be identified as the discussions are private. The French group hasn’t made a final decision on whether to proceed with selective market buying and is discussing possible legal hurdles to the idea, another person said.