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Tiffany Diamond Engagement Rings: Joining The Faceless Crowd?
Shares of Tiffany and Co. jumped more than 6 percent on Monday, following speculation that LVMH Moet Hennessy Louis Vuitton has shown interest in purchasing the luxury retailer, according to a Reuters report.
Reuters reported on Monday that Tiffany shares had closed up nearly 4 percent at $51.91, after rising to $53.36 on the New York Stock Exchange. A total of 5.6 million shares traded in Tiffany in composite trading, according to Reuters data.
Market research firm Track Data reported that 21,395 calls, compared to 1,951, puts changed hands in Tiffany, nearly 11 times its average daily volume.
Among the busiest options were the July calls permitting market participants to acquire Tiffany shares for $55 each, Reuters reported. With strike prices of $3 above the spot stock price, cost 55 cents a contract, up 45 cents on the day, Reuters reported.
Earlier this year, Tiffany said it retained Evercore Partners to advise on two potential transactions, according to Reuters.
Say it ain't so, Joe. The venerated and distinctive Tiffany name possibly gobbled up by a larger faceless corporate entity much the same way family owned Harry Winston was bought by the Aber Mining Corp. of Canada two years ago. Just not the same.
What's this?
Just not the same.
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