Warren Buffett turned down a chance to acquire Tiffany & Co.

Following a takeover bid from luxury goods conglomerate LVMH, the US jewellery giant invited Buffett to make a counteroffer, the Financial Times reported.

However, the Berkshire Hathaway owner rejected Tiffany’s overture, allowing LVMH to strike a US$16.2 billion deal for the company in November.

The rejection marks the conglomerate company’s fourth year without any major acquisitions as its cash pile reached a record US$128 billion.

“Buffett has the luxury to move slowly on purchases because of Berkshire’s cash hoard,” Berkshire investor Bill Smead told the newspaper. “Shareholders will benefit tremendously when he puts that money to work.” 

Most recently, Buffett bid US$5 billion on technology distributor Tech Data in November but later withdrew after private equity firm Apollo Global Management raised its offer in the auction.

This article originally appeared on Over60.