French luxury goods giant LVMH has increased its offer for U.S. jeweller Tiffany & Co to close to $130 a share, up 8% from a previous offer of $120 a share, Reuters reported on Nov. 20 citing people familiar with the matter. The new takeover offer values the U.S. company at around $16 billion, including debt.
Tiffany plans to continue to negotiate for a better offer, and there is no certainty a deal will be reached, Reuters said citing sources familiar with the matter. Shares in Tiffany closed at $123.3 on Nov. 20. LVMH shares were down 0.7% at 395.5 euros a share at 0825 GMT on Nov. 21.
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