Tiffany & Co jump on talk of possible investment from Pershing Square
Shares of Tiffany & Co. (NYSE:TIF) jumped to close up 3.3% to USD 72.66 on Thursday 15 September among rumours that Pershing Square may acquire a stake, the New York Post reported.
The the New York-based jeweler and specialty retailer's stock has risen by almost 10% since Monday with heavy trade volumes, according to the report.
On Tuesday the company announced that Mark Erceg, former chief financial officer of Canadian Pacific-Railway, had been appointed as Tiffany’s CFO. The announcement led to gossip of a possible forthcoming investment from Bill Ackman’s Pershing Square, the paper said.