US Delaware Chancery Court sets 5 January for hearing of Tiffany’s, LVMH deal. Credit: Phillip Pessar via flickr.

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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“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.”