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In our November 4 note (See Article), we maintained that LMVH’s offer comes at a good time for Tiffany, whose shares have struggled to keep up with the broad market amidst economic pressures, trade war, and overall competition with other luxury brands. LMVH’s decision to close the transaction at a slightly higher price of $135 per share (approximately $16 billion) makes this deal even more solid for TIF investors. We continue to see TIF shares as fairly valued, at ~24-25x PE multiple on 2020 earnings.