Headlines LVMH Cancels $16.2B Acquisition of Tiffany Tiffany has in turn filed a lawsuit. Published 6 months ago on September 9, 2020 By INSTORE Staff Share Tweet LVMH has called off its planned $16.2 billion acquisition of Tiffany & Co. Tiffany (NYSE: TIF) has, in turn, filed a lawsuit to compel the luxury conglomerate to follow through with the deal. LVMH said it received a letter from France’s foreign affairs minister asking that the transaction closing be delayed until after Jan. 6. The company said the request came “in reaction to the threat of taxes on French products by the US.” “Furthermore, the Board noted Tiffany & Co.’s requested to extend the ‘Outside Date’ in the Merger Agreement from November 24th to December 31st, 2020,” the company stated. Because the closing deadline won’t be met, “The deal cannot happen,” Reuters quoted LVMH finance chief Jean Jacques GuionyGuiony saying. “We are prohibited from closing the deal.” Advertisement But Reuters noted that the deal has become less attractive for LVMH in light of decreased luxury sales amid the COVID-19 pandemic. Tiffany said in its lawsuit, filed in the Court of Chancery of Delaware, that LVMH’s real objective is “to attempt to renegotiate the merger price to which the parties agreed last November and, barring renegotiation, run out the clock.” The merger remains subject to regulatory clearance by the European Commission, the Japan Fair Trade Commission, the Mexican competition authority and the Taiwan Fair Trade Commission. Related Topics: acquisitionLatest News TopLVMHTiffany & Co. click to Comment(Comment) Up Next Downtown Miami Building to Become Jewelry Destination With $50M Makeover, New Name Don't Miss Small-Business Owners Growing Increasingly Pessimistic on COVID-19, Says NRF INSTORE Staff Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected]. Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.” You may like Tiffany Gets New CEO as Acquisition by LVMH Closes Tiffany to Sell Its ‘Most Expensive Piece Ever,’ Complete with 80-Carat Diamond Tiffany’s $21M Ruling Against Costco Thrown Out on Appeal Promoted Headlines Digital Warrior: A Conversation with GemFind’s Alex Fetanat GemFind A Sales Meeting Platform for The 21st Century The Plumb Club With Average Retails of $250, This Is One Brand You Won’t Want to Miss! Chic Pistachio Advertisement Latest Trending Videos Press Releases5 hours ago Gembridge Announces Global Industry Ambassador Network Press Releases6 hours ago Christopher Designs Celebrates 40th Anniversary Press Releases1 day ago GJEPC Signs MoU with eBay Fun5 days ago 54 Funny Memes That Will Make You Say ‘Yup, That’s Life in Retail!’ Headlines1 week ago Paris Hilton’s Engagement Ring May Be Worth $1M+ Headlines1 week ago $5.2M in Fake Cartier Jewelry Seized in Kentucky Sponsored Content4 days ago Digital Warrior: A Conversation with GemFind’s Alex Fetanat Jimmy Degroot1 week ago Video: Sharpen Your Bridal Jewelry Presentations Sponsored Content1 week ago With Average Retails of $250, This Is One Brand You Won’t Want to Miss! Advertisement SubscribeBULLETINS INSTORE helps you become a better jeweler with the biggest daily news headlines and useful tips. (Mailed 5x per week.) Latest Comments Most Popular Fun5 days ago 54 Funny Memes That Will Make You Say ‘Yup, That’s Life in Retail!’ Headlines1 week ago Paris Hilton’s Engagement Ring May Be Worth $1M+ Headlines1 week ago $5.2M in Fake Cartier Jewelry Seized in Kentucky Headlines3 days ago Bergio Acquires Online Jewelry Retailer Aphrodite’s Benchmarks1 week ago These Jewelry Retailers Grab Shoppers’ Interest with Inventive Displays Hot Sellers1 week ago These Were the Top-Selling Jewelry Brands and Categories in January, According To Our Brain Squad Columns4 days ago 3 Tips to Becoming the Most Resilient Jewelry Store Owner You Know Sponsored Content1 week ago With Average Retails of $250, This Is One Brand You Won’t Want to Miss!