![]() ![]() ![]() ![]() In short, it was Tiffany’s position that LVMH’s actions amounted to a “blatant attempt to evade its contractual obligation to pay the agreed-upon price.” In addition to naming LVMH as defendant, Tiffany’s complaint also named as additional defendants the special purpose acquisition subsidiaries formed for the transaction, Breakfast Acquisition Corp. Tiffany filed first, on September 9 th, with a complaint seeking specific performance of the deal and alleging that LVMH was dragging its feet in pursuing required regulatory approvals, enlisting the help of the French government to delay closing, and misinterpreting the material adverse effect (MAE) clause in the acquisition agreement. As Michael Douglas’ famous character, Gordon Gekko, quipped in Oliver Stone’s 1987 film, Wall Street, “Exit visas are imminent.” Things soured quickly, and the erstwhile happy couple ended up in Delaware Chancery Court. LVMH stated publicly that Tiffany’s business had been “devastated” by the coronavirus. lost over $32 million during the first six months of its fiscal year. itself experienced significant declines in its business, with global sales down 45% for the fiscal quarter ended April 30 and down 29% for the quarter ended July 31. Tiffany’s Madison Avenue neighbor, Brooks Brothers, filed for bankruptcy on Jand Tiffany & Co. The holidays were magical, and all seemed well with the world.īut 2020 arrived and brought with it unforeseen developments around the globe. The proposed combination valued Tiffany’s stock at $135 per share in an all-cash deal, yielding an implied aggregate transaction value of approximately $16.2 billion. (NYSE: “ TIF”) and LVMH, Moët Hennessy Louis Vuitton SE (OTC: “ LVMUY”), announced their engagement, via joint press release, on Novemand set a date in 2020. The Manhattan socialite and the sophisticated Parisian. ![]()
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