Jeweler Tiffany & Co. and Louis Vuitton-owner LVMH are discussing new terms for their merger, which could help resolve an ongoing dispute between the two companies, CNBC’s David Faber reported Tuesday, citing people familiar with the discussions.
Under the revised terms, LVMH would acquire Tiffany for $130 to $133 per share, compared with an original price of $135 per share, Faber reported, noting the talks remain fluid. He added the retailers are looking to get a deal done as soon as possible. Earlier, there had been a discussion of a tender offer, but that is unlikely at this point, those familiar with the talks said.
Representatives from Tiffany and LVMH did not immediately respond to CNBC’s requests for comment.
Tiffany shares jumped nearly 5% Tuesday to about $128.75. The stock has fallen about 8% this year. Tiffany has a market cap of about $15.2 billion.
On Monday, Tiffany said it had received all regulatory approvals needed to complete the acquisition, having received the nod it needed from the European Commission.
Tiffany has filed a lawsuit to enforce the agreement, alleging that the French conglomerate has deliberately been stalling the deal from going through. LVMH has since countersued, alleging Tiffany has been mismanaged during the global health crisis.