LVMH reportedly nearing a deal to acquire iconic New York jeweler Tiffany & Co.

New York (CNN Business)Luxury giant LVMH is reportedly nearing an agreement to add another brand to its portfolio, a deal that would come wrapped in a little blue box. The luxury conglomerate sent an unsolicited proposal on October 28 to acquire Tiffany for $120 per share in cash, a valuation of $14.5 billion. At the time, the offer represented a 20% premium on the Tiffany share price but the stock jumped following the offer, closing at nearly $126 on Friday. Many analysts said combining with LVMH would be a good move for Tiffany, though the initial offer slightly undervalued the company. The 182-year old New York jeweler currently employs 14,000 people and operates 300 stores around the globe. Its little …