Fox Business Briefs: French luxury group LVMH makes all-cach bid to take over Tiffany & Co.; Popeyes announces the official return date for their popular chicken sandwich.
A $16 billion offer from LVMH Moët Hennessy Louis Vuitton to buy Tiffany & Co. is close to being finalized and could be announced Monday, according to reports from Financial Times and The Wall Street Journal.
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The preliminary deal would value Tiffany shares at $135 a pop, and the companies’ boards will meet Sunday to put finishing touches on a deal that could be announced Monday, according to the Journal.
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Tiffany reportedly gave LVMH access to its books as well.
LVMH talks over a potential takeover of the iconic U.S. jewelry company Tiffany & Co in October.
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“In light of recent market rumours, the LVMH Group confirms that it has held preliminary discussions regarding a possible transaction with Tiffany. There can be no assurance that these discussions will result in any agreement,” an LVMH spokesman confirmed to FOX Business last month.
LVMH owns iconic brands including Louis Vuitton, Givenchy and Celine. Its chairman, Bernard Arnault, joined Amazon CEO Jeff Bezos and Microsoft founder Bill Gates as the only people in the world worth more than $100 billion in June.
FOX Business’ inquiries to LVMH and Tiffany were not returned at the time of publication.
