LVMHF - LVMH countersues Tiffany's defends right to exit $16B takeover

Last week, a Delaware judge expedited the trial date for Tiffany's (TIF) lawsuit against LVMH (LVMHF) for backing out of the $16.2B takeover.Now LVMH has countersued, saying the original agreement had no pandemic carve-out under the material adverse effects, which allows LVMH to walk away.The company also accuses Tiffany's of not operating as usual by paying out a high dividend.LVMH says it received a letter from the French government asking for the deal to be delayed until November 24, beyond the contract deadline.Tiffany's has previously denied that the French government request prevents a deal and that a material adverse event happened.Previously: Fate of merger? Tiffany, LVMH will go to trial in January (Sep. 22 2020)

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LVMH countersues Tiffany's, defends right to exit $16B takeover