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LVMH countersues Tiffany & Co. after acquisition breakdown
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French luxury brand group LVMH said on Thursday that it will countersue Tiffany & Co. after the breakdown of what was expected to be a $16.2 billion acquisition of the iconic U.S.-based jeweler by LVMH.
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LVMH said it will "defend itself vigorously" after Tiffany & Co. said it will take legal action to ensure the deal goes through and announced intent to file suit in Delaware.
LVMH SAYS IT'S ENDING ACQUISITION OF TIFFANY & CO.
"LVMH was surprised by the lawsuit filed by Tiffany against the Group in the Court of Chancery of the State of Delaware," LVMH said in a statement on Thursday. "LVMH considers that this action is totally unfounded. It has clearly been prepared by Tiffany a long time ago and communicated in a misleading way to shareholders and is defamatory."
Tiffany & Co.'s accusation that "LVMH failed to take the reasonably necessary steps to obtain the various regulatory authorities’ approvals in a timely way" is unfounded, LVMH said.