Delaware’s Chancery Court has agreed to fast-track a lawsuit filed by Tiffany & Co against LVMH for backing out of its $16 billion attempt to acquire the company.
The court has allocated time for a four-day trial beginning January 5, 2021.
Vice Chancellor Joseph Slights said he hoped both Tiffany and LVMH could have “productive discussions to avoid the need for litigation,” and find a way to settle their disagreements before they reach court.
Tiffany had been pushing for a trial date before November 24, described as a “drop dead” date when a fair competition ruling by the Department of Justice that cleared a path to the deal will expire.
LVMH’s acquisition of Tiffany hit the rocks in September when it pointed to an intervention by the French government and the Tiffany’s weakening performance as reasons it could no longer complete the purchase.
Tiffany disputes the LVMH assessment and is working to bring the agreement back to the table.