New York - 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 US$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 US$55 each, Reuters reported. With strike prices of US$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.
Stock prices remained elevated at US$53.01 on Wednesday afternoon.
Source: National Jeweler