Tiffany Files Lawsuit Against Lvmh To Enforce Merger Agreement

Posted: April 13, 2021 by Podwits Administrator in Uncategorized

In a complaint filed in early September to enforce the merger agreement, Tiffany stated that lvMH`s argument had no basis in French law. Tiffany also stated that LVMH did not even attempt to obtain the required authorization from three jurisdictions for cartels and abuse of dominance. The appeal relates to the November 24, 2019 merger agreement between Tiffany and LVMH, which provides for lvmH`s acquisition of Tiffany, and is, among other things, to require LVMH to comply with its contractual obligation under the merger agreement to complete the transaction on agreed terms. NEW YORK — Luxury group LVMH Moét Hennessy Louis Vuitton SE has filed a counter-action against Tiffany for its ruined merger agreement and says the conditions needed to finalize the acquisition of the $16.2 billion jewelry chain have not been met. The original agreement stipulated that the merger should be completed by 24 November. LVMH stated that, based on the legal analysis conducted by its advisors and LVMH teams, the Board of Directors had decided to respect the terms of the agreement as described. This in turn means that “as things stand, LVMH cannot complete the acquisition of Tiffany and Co,” he said. Certain statements contained in this press release, including, but not limited to, statements relating to the merger and the terms of the merger, may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995 , in a modified version. Forward-looking statements of their nature deal to varying degrees with issues that are uncertain to varying degrees, such as. B statements regarding the completion of the merger and its expected benefits. Forward-looking statements provide current expectations for future events and contain any statements that do not directly relate to historical or current facts.

Words such as “foreshadows,” “believes,” “expected,” “expected,” “project,” “projects,” “may,” “is” or other similar expressions may identify such forward-looking statements. Roger Farah said: “We believe that LVMH will try to use all available means to prevent the transaction from being concluded on agreed terms. But the simple facts are that French law does not allow the foreign minister to order a company to violate a valid and binding agreement, and LVMH`s unilateral discussions with the French government, without notification or consultation with Tiffany and her lawyer, constitute a further violation of LVMH`s obligations in the merger agreement. Moreover, these so-called official French efforts to retaliate against the United States for proposed new tariffs have never been announced or discussed publicly; How then could we try to push the United States to revoke tariffs? As we are not aware of any other French company that receives such a request, it is all the more obvious that LVMH has dirty hands. These statements, as well as other forward-looking statements, are not guarantees for future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those discussed in the forward-looking statements, including factors, risks and uncertainties over which we have no influence. The inclusion of such statements should not be seen as a presentation that plans, estimates or expectations are met.

Comments are closed.