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10/28, 5:18 PM (Source: TeleTrader)
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Tiffany nears new, lower LVMH takeover deal - report

Tiffany & Co. and LVMH are getting closer to striking a new deal to finalize the takeover process of the American jewelry retailer by the French luxury company, the Wall Street Journal reported on Wednesday, citing sources with knowledge of the issue.

According to the report, the sides will agree on a price of $131.50 per Tiffany share, contrasted to the previously agreed $135 per share.

Tiffany's board will convene later in the day to discuss the new bid. In case it gets accepted, all legal processes involving the firms would be halted, paving the way for the deal to get finalized in January 2021, it was noted in the report.

Breaking the News / MS