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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (5658)	1/1/2020 9:25:57 PM
From: richardred	Respond to of 7239

Tiffany's invited Warren Buffett to bid for the company. He turned it down Theron Mohamed Jan. 1, 2020, 07:48 AM Paul Morigi / Stringer / Getty Images Warren Buffett turned down the chance to buy Tiffany & Co. and conclude his Berkshire Hathaway conglomerate's four-year stretch without a major acquisition. After Tiffany's received a takeover bid from LVMH, the jewelry giant invited Buffett to make a counteroffer but he declined, the Financial Times reported. The news may disappoint Berkshire shareholders who are eager for Buffett to deploy the group's record $128 billion cash pile and pull the trigger on an "elephant-sized acquisition." View Business Insider's homepage for more stories. Warren Buffett turned down the chance to buy Tiffany & Co. and conclude his Berkshire Hathaway conglomerate's four-year stretch without a major acquisition. After Tiffany's received a takeover bid from LVMH, the jewelry giant invited Buffett to make a counteroffer, the Financial Times reported, citing people briefed on the matter. Buffett confirmed Tiffany's approached him to the newspaper. Berkshire's billionaire CEO is a longtime admirer of Tiffany's and viewed it as a possible acquisition, the Financial Times said, citing bankers who have advised Buffett. In fact, he helped the retailer to weather the financial crisis by buying $250 million worth of its bonds in 2009. However, he rejected Tiffany's latest overtures, allowing LVMH to eventually strike a $16.2 billion deal for the company in November. The revelation may disappoint Berkshire's investors, some of whom are clamoring for Buffett to deploy the group's record $128 billion cash pile and pull the trigger on the "elephant-sized acquisition" he's been chasing for years. Buffett has balked at the going rates for quality companies, however. "Prices are sky-high for businesses possessing decent long-term prospects," he wrote in his latest letter to shareholders. Most recently, Buffett made a $5 billion bid for Tech Data — a technology distributor — but shied away from a bidding war against Apollo Global Management after the private equity firm raised its offer. markets.businessinsider.com