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high replica bags Text SizeArnd Wiegmann/LVMH has offered to buy Tiffany Co., known for its engagement rings and ties to Hollywood glamour, as the owner of Louis Vuitton and Bulgari seeks to expand in jewellery, one of the fastest growing parts of the luxury goods market. Market, LVMH on Monday said it had approached Tiffany about an unsolicited non binding offer, but gave no details.Confirming the move, Tiffany said the offer was worth US$120 a share, which would value Tiffany at nearly US$14.5 billion and represents a 22 per cent premium over the stock’s closing price on Friday.Story continues below advertisementTiffany’s shares surged as much as 31 per cent to one year highs at around US$130 in New York, and are on track for their best daily performance since the 182 year old company’s market listing in 1987.Several analysts said Tiffany might reject the offer to seek a higher price, potentially kicking off a battle for control of the company known for its signature robin’s egg blue packaging.Tiffany has only said for now that it was reviewing the proposal.LVMH said there was no guarantee that preliminary discussions would result in an agreement. Its shares ended the day down 0.48 per cent after gaining around 1 per cent earlier.Analysts at Credit Suisse and Cowen said Tiffany could be worth as much as US$140 to US$160 a share, based on the level of premium elicited by the likes of Bulgari, although that would be a leap from a price that LVMH already deems generous, a source familiar with the group’s approach said.After a recent lacklustre performance Tiffany’s shares have lost almost a third of their value since hitting all time highs in July last year shareholders would be likely to welcome a takeover, William Blair analyst Dylan Carden said.Story continues below advertisement”Three years into its turnaround strategy, Tiffany is an arguably more attractive asset than it has been historically,” he said.Tiffany’s shares had gained 22.4 per cent so far this year to Friday’s close, compared to a nearly 50 per cent increase in LVMH’s.GLOBAL BRAND Tiffany, founded in New York in 1837 and made famous by the 1961 movie Breakfast at Tiffany’s starring Audrey Hepburn, had struggled with falling annual sales and profit since 2015, before a revenue turnaround in 2017.

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