Tiffany Confirms Acquisition Proposal From LMVH; Stock Surges

(RTTNews) - Tiffany & Co. (TIF) has received an unsolicited, non-binding proposal from LMVH Moet Hennessy - Louis Vuitton to acquire Tiffany for $120 per share. The company said its Board is carefully reviewing the proposal. Tiffany noted that its shareholders need take no action at the current time.

Centerview Partners and Goldman Sachs are serving as financial advisors to Tiffany & Co. and Sullivan & Cromwell is serving as legal advisor.

TIFFANY & CO. and its subsidiaries design, manufacture and market jewelry, watches and luxury accessories. The company operates more than 300 TIFFANY & CO. retail stores worldwide.

Shares of Tiffany & Co. were up 32% in pre-market trade on Monday.