LVMH Moet Hennessy Louis Vitton’s bid to acquire Tiffany & Co. has reached a new stage.
The French luxury goods conglomerate raised its bid to acquire the U.S. jewelry retailer to close to $16 billion, or about $130 per share, reported Reuters. Tiffany agreed to provide LVMH with access to its books after the French company raised its bid, the report said.
In September, Tiffany received an unsolicited, non-binding proposal from LMVH for $120 per share in cash. Tiffany rebuffed the offer, which valued the chain at nearly $14.5 billion, which many analysts believed was too low.
Tiffany plans to continue to negotiate for a better offer, and there is no certainty a deal will be reached, Reuters said.
The bid comes as the 182-year-old Tiffany, which has more than 300 stores around the world, is challenged with lackluster sales amid a slowdown in tourism and a dip in purchases by Chinese customers.
LVMH is the world's biggest luxury group, and home to 75 different brands. Its portfolio includes fashion brands such as Louis Vuitton, Christian Dior, Givenchy, Fendi and Marc Jacob and more. Its jewelry brands include Bulgari, Fred Hublot and Tag Heuer.