Benzinga | Oct 28, 2020 12:24PM EDT

Tiffany Reportedly Renews Takeover Talks With LVMH, With New Terms

Tiffany & Co (NYSE:TIF) shares were trading higher Wednesday on reports the company is nearing a new M&A agreement with LVMH Moet Hennessy Louis Vuitton (OTC:LVMUY).

Tiffany is close to a new agreement that calls for LVMH to pay $131.50 per share for the company -- down from the $135 amount previously discussed, according to the Wall Street Journal, which cited people familiar with the matter.

What Happened: The negotiations started back in November.

In June, LVMH officially backed down on its pursuit of renegotiating the price of its $16.2-billion acquisition of Tiffany, but there had been hope the two would seek to renegotiate the deal.

In September, the talks soured and reports emerged that Tiffany planned to sue LVMH over the delayed takeover, according to Financial Times.

Why It's Important: If the deal were to close, it would be the largest acquisition ever in the luxury sector.

TIF Price Action: Tiffany shares were trading 0.78% higher at $129.89 at last check Wednesday.

The stock has a 52-week high of $134.42 and a 52-week low of $103.89.

Related Link: Tiffany Falls On Report Company Will Sue LVMH Over Delayed Takeover