Tiffany & Co. Issues Statement On Counterclaims Filed By LVMH - Quick Facts

(RTTNews) - Tiffany & Co. (TIF) said the counterclaims filed by LVMH (LVMHF.PK, LVMUY.PK) in Delaware Chancery Court are baseless and misleading, and are another attempt to evade its contractual obligation to pay the agreed-upon price for Tiffany. The company expects that more of LVMH's duplicity will come to light during the trial.

In early September, LVMH said it would be unable to complete the acquisition of Tiffany because it had received a directive from a French government official that prohibits the acquisition prior to the outside date under the merger agreement. Tiffany & Co. said the Minister who signed the letter admitted that he only sent the letter in response to an inquiry from LVMH. LVMH's seeking the letter was a clear violation of its obligations under the merger agreement, Tiffany & Co. noted.

Tiffany & Co. also said LVMH's Claim of a material adverse effect is baseless and still has no factual, contractual or legal support.