This case chronicles the offer by LVMH Moët Hennessy Louis Vuitton's offer to purchase Tiffany & Co. in 2019. If Tiffany & Co. accepted the offer it would constitute the largest acquisition in the global luxury goods market to date. Enough information is provided to allow an assessment of the attractiveness of the purchase offer with respect to the valuation of Tiffany. The reader will compare the terms of the offer with the intrinsic value of Tiffany and evaluate Tiffany's decision to accept or reject the offer.