Deals
Tiffany & Co. Could Attract Other Suitors Beyond LVMH
- Richemont and Kering could also show interest, KeyBanc says
- Tiffany shares upgraded to buy from hold at Deutsche Bank
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Tiffany & Co. may attract rival bids, analysts said, after the jewelry maker said it was reviewing an unsolicited $120 per-share bid from French luxury conglomerate LVMH.
Tiffany shares climbed as much as 30% on Monday, their biggest single gain ever, to the highest in a year. The confirmation of talks followed a Bloomberg report that the French company has offered about $14.5 billion. For LVMH, an acquisition has strategic logic as it would increase the company’s exposure to the U.S. market, analysts said, noting that LVMH has a strong track record in M&A.