Analyst: Tiffany is going to want much more than $14.5 billion to sell to French luxury giant
Tiffany has confirmed that Paris-based LVMH offered $120 per share in cash — nearly a 22% premium to Friday's close. However, shares of Tiffany opened almost 30% higher at $127.65 each.However, Nagel does think that Tiffany is interested in selling to LVMH, the owner of the Louis Vuitton and Bulgari brands among others, at around $140 per share. Such an offer would value the U.S. jeweler and specialty retailer at nearly $17 billion.
To make his case, Nagel pointed to Tiffany's all-time closing high of $139.50 per share on July 25. "I'm hard pressed to see the company sell for a price that's lower than where the stock traded on its own."Credit Suisse analysts agree with Nagel on the $140-per-share number.
Tiffany, founded in New York City in 1837, was immortalized in the 1961 movie "Breakfast at Tiffany's," starring Audrey Hepburn.
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