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In a 13D filing on Tiffany & Co. (NYSE: TIF) Trian Fund Management disclosed a 5.54% stake (7.5 million shares) in the company. The firm said the shares are undervalued.

The firm also said:

After several meetings and other discussions with certain members of senior management and the Board of Directors of the Issuer, and in light of management's and the Board's commitment to engage in a dialogue with the Filing Persons regarding the Filing Persons' ideas and strategies to improve the Issuer's financial performance and to further grow and broaden the Tiffany brand, the Filing Persons have decided not to seek board representation at the Issuer's 2007 annual meeting of stockholders. The Filing Persons will seek to help the Issuer improve its margins and its earnings per share growth and address various other operational and strategic issues, including optimizing global expansion opportunities and evaluating non-core businesses.

Source: Tiffany: Trian Frund Discloses 5.5% Stake, Believes It's Undervalued