Warren Buffett turned down a chance to buy Tiffany's

Paul Morigi / Stringer / Getty ImagesWarren Buffet.

• 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."
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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.

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