Tiffany Looks for Payback After Being Left at Altar by LVMH

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"Hell hath no fury like a woman scorned" is a proverb adapted from lines in "The Mourning Bride," a tragedy penned by English playwright William Congreve dating back to 1697. 

Fast forward to 2020, and it's eggshell-blue Tiffany & Co.'s  (TIF) - Get Report turn to play the role of the angered and rejected party left at the altar.

Shares of Tiffany plunged on Wednesday after the famed jewelry company said it plans to sue French fashion giant LVMH Moët Hennessy-Louis Vuitton (LVMH) over stalling and then reneging on its proposed $16 billion takeover offer.

In a statement, Tiffany said it has filed a lawsuit in the Court of Chancery of the State of Delaware against LVMH and related entities, alleging the designer-brand fashion icon has intentionally delayed the deal - most recently because of tariff concerns.

The lawsuit follows several delays by LVMH to push back the deal several times amid the coronavirus pandemic and what LVMH has said has been difficulties in filing for antitrust clearance with European regulators.

It also follows LVMH’s announcement on Monday that it needs to delay the closing to Jan. 6 in order to support the French Foreign Affairs department’s intentions to dissuade the U.S. from imposing tariff sanctions on luxury goods imported from France.

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