And when the two sides face off for the first time in the Delaware Court of Chancery today, they will be extending a legal battle that could determine:
Already, both sides are in flame-throwing mode, a marked change from the much more positive tone between the two companies at the beginning of the year when the deal was struck. The shift proves that nothing can make a superlative sour quite like a multibillion-dollar merger gone wrong. Nov. 25, 2019 Bernard Arnault: “We have immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our maisons.”
Feb. 5 Arnault: “A globally recognized symbol of love, Tiffany will be an outstanding addition to our unique portfolio of luxury brands. We look forward to welcoming Tiffany into the LVMH family.” Tiffany: “At the direction of billionaire Bernard Arnault, one of the richest persons in the world, LVMH is trying to take advantage of the pandemic and recent social-justice protests in the U.S. to strong-arm Tiffany into agreeing to a reduced merger price.”
Guiony: “To be frank, we were not entirely happy with the way [Tiffany] has been managed and performed over the last few months.”