The US Delaware Chancery Court set 5 January 2021 as the trial date for Tiffany & Co’s lawsuit against LVMH Moët Hennessy-Louis Vuitton SE (LVMH).
American luxury jewellery and speciality retailer Tiffany filed a lawsuit against LVMH seeking the latter to stand by its contractual obligation to complete the previously agreed deal.
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Following a motion filed by Tiffany, the trial will be four days.
Last November, LVMH agreed to acquire American luxury jewellery and speciality retailer Tiffany for $16.2bn or $135 per share in cash.
However, in June, LVMH revealed plans that it will not acquire luxury jewellery and speciality retailer Tiffany & Co’s shares on the market.
Chairman of the Board Roger Farah said: “We appreciate the Court’s ruling today to expedite the process.
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By GlobalData“Despite LVMH’s ongoing efforts to avoid paying the agreed-upon price for Tiffany, a trial on 5 January 2021 will hopefully lead to a ruling prior to the expiration of US antitrust clearance on 3 February 2021 and enable us to protect our company and our shareholders.
“We will demonstrate to the Court that LVMH is in clear breach of its obligations under a valid and binding agreement and that their claim of a Material Adverse Effect is completely baseless.
“Tiffany has acted in good faith in full compliance with the Merger Agreement and will continue to do so.”
