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LVMH and Tiffany Lock Horns over Trial Timing

French luxury group files opposition to US jeweler’s plan for speedy proceedings.
Sep 17, 2020 7:17 AM   By Rapaport News
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RAPAPORT... 
LVMH has asked a court to delay Tiffany & Co.’s lawsuit against the luxury group, prompting the US jeweler to renew its allegations of foul play by its would-be acquirer.

Tiffany had petitioned the Delaware Chancery Court to fast-track the trial to enable the parties to close by the upcoming transaction deadline, the New York-based retailer said Wednesday. But LVMH later filed an opposition to that plan, seeking to hold the hearing in six or seven months.

“LVMH’s opposition to our motion to expedite is the latest attempt to run out the clock to avoid fulfilling its obligations under the merger agreement,” argued Tiffany chairman Roger Farah. “If LVMH were confident in its legal position, it would have no reason to oppose an expedited trial schedule. We urge the court to hold the trial on a timetable that will enable a decision before the November 24 termination date in the merger agreement.”

In response, LVMH said Tiffany executives were seeking an urgent ruling so they wouldn’t have to answer for its “bad results and mismanagement” and “see their arguments fall one after the other.”

Tiffany sued LVMH last week after the owner of Bulgari and Louis Vuitton pulled out of the $16 billion takeover. LVMH said it was following the French government’s instructions in a trade dispute with the US. However, Tiffany claimed the French company was trying to stall the deal and renegotiate a lower price amid a downturn in luxury retail.

Image: Tiffany’s flagship store in New York. (Shutterstock)
Tags: Delaware Chancery Court, LVMH, Rapaport News, Tiffany, Tiffany & CO.
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