Tiffany To Commence Litigation Against LVMH - Quick Facts

(RTTNews) - Tiffany & Co. (TIF) has filed a lawsuit in the Court of Chancery of the State of Delaware against LVMH Mot Hennessy-Louis Vuitton SE and related entities. The lawsuit relates to the company's merger deal between Tiffany and LVMH providing for the acquisition of Tiffany by LVMH. Tiffany is seeking to expedite the Delaware proceedings to obtain a ruling prior to November 24, 2020 ordering LVMH to complete the transaction.

Tiffany & Co. said, as of August 24, 2020, LVMH had not even filed for antitrust approval in three of the required jurisdictions. The company noted that the COVID-19 pandemic has not prevented other parties from making antitrust filings on a timely schedule.

LVMH has advised Tiffany that it intends to honor a request from the French government to refuse to close the transaction until January 6, 2021, while also informing Tiffany that LVMH will not extend the outside date under the Merger Agreement beyond November 24, 2020. Tiffany said LVMH has asserted there has been a material adverse effect and a breach by Tiffany of the merger agreement.