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TIF - LVMH Won't Use Pandemic to Acquire Tiffany Below Agreement Price
Tiffany & Co.
The coronavirus pandemic has bludgeoned stock prices, sending shares of jeweler Tiffany & Co.(NYSE: TIF) down by 20%.
Luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton(OTC: LVMUY) had agreed to buy Tiffany last year for $135 per share cash, or $16.2 billion, but the recent drop in stock price could give the company a rare opportunity to buy Tiffany shares on the open market.
While rumors to that effect have spread, LVMH, which owns 75 different luxury brands, says it will not pursue that course of action.