Why Tiffany Stock Is Up Today
Shares of luxury jeweler Tiffany & Co. (NYSE: TIF) have jumped today, up 6.7% as of 3:30 p.m. EDT, after luxury conglomerate LVMH Moet Hennessy (OTC: LVMHF) backed off its threat to renegotiate the terms of its deal to acquire Tiffany.
Here's the background.
Last year, LVMH agreed to purchase Tiffany for $16.2 billion, or $135 per share, in a deal that was -- at the time -- expected to close this month. (The closing was subsequently postponed until October, after a review by antitrust regulators in Australia was delayed.)
Source Fool.com
