Wilmington/San FranciscoTiffany & Co is suing to force LVMH to go through with its $16bn acquisition, while LVMH said on Thursday that it would sue Tiffany to get out of it, in the latest broken deal to wind up in court.
The coronavirus pandemic has added to the list of what can go wrong in a transaction, leaving jilted partners such as Tiffany with nothing to lose by suing. These disputes typically focus on what conditions would allow a buyer to exit a deal — many of the current litigants are saying the pandemic qualifies.
Disputes involving those failed deals have also landed in other courts. In Michigan, Simon Property Group and Taubman Centers are suing each other after Simon walked away from its $3.6bn takeover.
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LVMH-Tiffany is one of many big deals the pandemic has upendedLVMH is trying to back out of its $16bn acquisition of the feted jeweller and, historically, courts tend to err on the side of letting parties walk away
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LVMH-Tiffany is one of many big deals the pandemic has upendedLVMH is trying to back out of its $16bn acquisition of the feted jeweller and, historically, courts tend to err on the side of letting parties walk away
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: News24 - 🏆 4. / 80 Read more »