French luxury group LVMH is nearing a deal to buy US jewellery chain Tiffany & Co for about $16.3 billion, sources familiar with the matter told Reuters on Sunday.
Bulgari owner LVMH is nearing a deal to acquire Tiffany for $135 per share, the sources said, adding that a deal could be announced either on Sunday or Monday.
Reuters reported this week that LVMH had persuaded Tiffany to provide it with confidential due diligence after it raised its bid to close to $16 billion.
Tiffany earlier this month rebuffed LVMH's initial $120-per-share all-cash offer, arguing it significantly undervalued the company.
Tiffany, founded in New York in 1837 and featured in the 1961 movie "Breakfast at Tiffany's" starring Audrey Hepburn, had struggled with falling annual sales and profit since 2015, before a revenue turnaround in 2017.