French luxury group LVMH has raised its bid for American jeweller Tiffany & Co to 15.8 billion dollars (14.2 billion euros). After this improved offer, the iconic chain allowed LVMH access to its accounts.
A 30 % bonus
A few weeks ago, LVMH made an initial offer of the equivalent of 13 billion euros, but that was refused by Tiffany & Co. The new offer amounts to 130 dollars per share, representing a valuation of 14.2 billion euros. It is 30 % higher than the share price at the time when the first attempt was announced.
Tiffany's decision to allow LVMH to examine its financial data is the strongest indication so far that the company, founded in 1837 by Charles Lewis Tiffany, is seriously considering the offer. However, the Financial Times says there is no guarantee that a deal will be made. The jeweller has not entered into an exclusivity agreement with LVMH, which means that the jewellery chain could also conduct parallel negotiations with a competing purchaser.