By Colin Kellaher

 

Shares of Tiffany & Co. (TIF) rose nearly 4% in premarket trading Thursday amid a report that French luxury house LVMH Moet Hennessy Louis Vuitton SE (MC.FR) has raised its bid for the iconic jeweler.

LVMH has persuaded Tiffany to provide it with confidential due diligence after it raised its bid to around $16 billion, or $130 a share, Reuters reported, citing people familiar with the matter.

Tiffany last month said it had received an unsolicited $120-a-share takeover proposal from LVMH, but its shares surged above the offer price, prompting speculation that LVMH would have to raise its bid.

Shares of Tiffany, which closed Wednesday at $123.33, rose 3.7% to $127.85 in premarket trading Thursday.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

November 21, 2019 07:31 ET (12:31 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
LVMH Moet Hennessy Louis... (PK) (USOTC:LVMUY)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more LVMH Moet Hennessy Louis... (PK) Charts.
LVMH Moet Hennessy Louis... (PK) (USOTC:LVMUY)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more LVMH Moet Hennessy Louis... (PK) Charts.