Tiffany is expected to rebuff an unsolicited $14.5bn takeover approach from French luxury group LVMH, with the US jeweller believing the offer undervalues the company, according to people familiar with the matter.
Tiffany’s advisers were on Sunday still assessing the surprise indicative offer from Bernard Arnault’s LVMH, the world’s largest luxury group by sales, with the board set to consider the next move.
The all-cash offer came earlier this month and was pitched at about $120 per Tiffany share, a premium of about 30 per cent to Tiffany’s share price at the time.
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