on Monday, arguing the latter's financial mismanagement in the COVID-19 pandemic permits the French luxury goods giant to walk away from its $16 billion acquisition of the iconic U.S. jeweler.
In its lawsuit filed in Delaware Chancery Court on Monday, LVMH said the agreement with Tiffany had no carve-out for pandemics under the definition of a so-called material adverse effect. As a result, Tiffany assumed the risk of a virus outbreak, LVMH added. LVMH said it could not close the deal with Tiffany because it received a letter from the French government asking the conglomerate to delay the transaction until next year, beyond the Nov. 24 contractual deadline that the company agreed with Tiffany for the deal to be completed.
Now Tiffany will re-recriminate and the loop will go on 😂
Eat the rich Cuz they are eating the poor.
What does the key unlock? Gorgeous