The new proposal cuts $425 million off the original purchase price of $16 billion, or a per-share deal price of $131.50, down from $135 originally, sources told The Wall Street Journal and Bloomberg.
Tiffany shares recently traded at $129.84, up 0.74%, and have eased 3% year to date.
Bloomberg had reported Tuesday that Tiffany wanted $132 a share and a guarantee that LVMH wouldn’t withdraw from a new deal, as it did in September. LVMH said then that it was acting at behest of the French government.
Tiffany, the New York luxury-goods retailer, reported earlier this month that sales and operating earnings for August and September came in better than expected, as it reopened stores and ramped up its online shopping experience.
Tiffany said worldwide net sales for the two-month period declined slightly from the year-earlier period, while operating earnings that include "transaction-related expenses" increased 25%, with sales in mainland China remaining “extremely strong.”
E-commerce sales also continued to show strong growth, Tiffany said, nearly doubling in the two-month period and representing 13% of total net sales year-to-date through September.
The company also noted that “positive sales trends are continuing in October.”
“While we still expect full-year results to be substantially impacted by covid-19, we are very pleased with the way the business has rebounded following the first quarter and continues to rebound in the third quarter, especially in Mainland China, and to recover in the United States,” Chief Executive Alessandro Bogliolo said in a statement.