Tiffany & Co. (NYSE:TIF) and LVMH Moët Hennessy - Louis Vuitton, Société Européenne (ENXTPA:MC) (LVMH) are in discussions to reduce the price of the French luxury giant's contested deal to buy the U.S. jeweler, according to people familiar with the matter. Tiffany is seeking around $132 a share as a compromise price, the people said.

It would also likely want a guarantee that LVMH wouldn't back out of any revised deal, after the Louis Vuitton owner said in September, 2020 it couldn't complete the acquisition because of a French government request. The behind-the-scenes negotiations may not lead to an agreement, one person said. Earlier on October 27, 2020, CNBC's David Faber reported that there's a possibility of the price being “slightly” reduced, citing people familiar with the matter that he didn't identify.

The deal could also move to a tender offer, which would speed up the process, he reported. The deal could also move to a tender offer, which would speed up the process, he reported. LVMH and Tiffany didn't respond to requests for comment.