The potential deal values Tiffany at about $120 per share as against its Friday’s closing price of $98.55.

According to sources familiar with the matter at hand, LVMH, the owner of Louis Vuitton, has offered to acquire Tiffany & Co, for $14.5 billion.

The potential deal comes at a time when the U.S. luxury jeweler is grappling with the impact of tariffs on its exports to China.

According to a source, earlier this month, LVMH, which has for years been looking for ways to expand its footprint in the United States, had submitted a preliminary, non-binding offer to Tiffany.

LVMH’s offer values Tiffany at about $120 per share, said a source.

As of the end of Friday, Tiffany’s shares were last traded at $98.55.

Tiffany has hired advisers to review LVMH’s offer but has not yet responded to it; there is no certainty that it will negotiate, clarified a source.

Sources have preferred the cover of anonymity given the confidentiality of the matter.

Both, LVMH and Tiffany declined comment.

Paris-headquartered LVMH is controlled by the Arnault family and is led by Bernard Arnault, France’s richest man.

Based in New York and best known for its diamond engagement rings, Tiffany operates more than 300 retail stores globally.

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Tags: acquire, Bernard Arnault, expand, expansion, footprint, luxury jeweler, LVMH, M&A, marketshare, mergers and acquisition, non-binding, offer, preliminary, Tiffany & Co, U.S, United States