Photo credit: Tiffany sinks 11% after Louis Vuitton-owner LVMH calls off $16 billion takeover deal Photo source: Getty Images
Tiffany shares tanked as much as 11% on Wednesday after LouVuitton-owner LVMH scrapped plans to acquire the jewellery company for $16.2 billion. In the press release on Wednesday, LVMH said Tiffany sought to extend the deal’s closing date to December 31 from the previously established deadline of November 24. The two delays have left LVMH unable to complete the deal, as the French European and Foreign Affairs Minister directed Tiffany to defer the acquisition until after January 6 in reaction to the threat of tariffs on US goods.
Tiffany fired back soon after filing a lawsuit against LVMH to keep the deal rigid. LVMH aimed to leverage US social justice protests and the coronavirus pandemic to “avoid paying the agreed price for Tiffany shares,” the jewelry giant said in the press release.
Data source: Business Insider
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