Tiffany: deems LVMH's counterclaims 'baseless and misleading
(CercleFinance.com) - On Tuesday Tiffany & Co.
said that LVMH's counterclaims filed in Delaware county court yesterday are "baseless and misleading" as part of the dispute between both groups.
For the American jeweler, the situation (material adverse effect) invoked by the French luxury goods giant to question the planned merger is "baseless" and has " no factual, contractual or legal support".
With respect to LVMH's suggestion that Tiffany secretly negotiated amendments to credit facilities in order to avoid breaching debt covenants, the New York group again cites "misleading" information.
Board Chairman Roger Farah said, “LVMH's specious arguments are yet another blatant attempt to evade its contractual obligation to pay the agreed-upon price for Tiffany".
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