TIF - Why Tiffany & Co. Stock Soared 34% in October
Tiffany (NYSE: TIF) shareholders had a sparkling October, as the stock rose 34% compared to a 2% increase in the S&P 500, according to S&P Global Market Intelligence. The rally pushed shares back ahead of the market and the luxury jeweler now sits higher by over 50% so far in 2019.
Shares popped after investors learned that Tiffany is being pursued as an acquisition target by French luxury brand manager LVMH (OTC: LVMUY). The company confirmed an unsolicited bid to purchase Tiffany at a price of $120 per share, or about 22% above the stock's closing price before news broke about the offer.
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