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Deal or no deal: analysing M&A negotiations in the acquisition of Tiffany & Co. by LVMH: Bernard Arnault’s negotiation tactics: overconfidence or calculated risk, and the impact within Tiffany’s acquisition
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Resumo(s)
In late 2019, the world’s largest luxury conglomerate, LVMH, made a decisive move to acquire
Tiffany & Co. as part of its strategy to strengthen its leadership in the global luxury market. What
began as a straightforward deal, soon turned into a complex process characterized by delays, public
disputes, and legal challenges. The outbreak of the Covid-19 pandemic added further uncertainty,
leading to an attempt of termination by LVMH. The targeted acquisition highlighted the challenges
and obstacles that arise in high-profile mergers amid escalating legal disputes and growing public
scrutiny.
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LVMH Moët Hennessy Louis Vuitton Tiffany & Co. Mergers & Acquisitions Material adverse effect Ordinary course covenant Merger arbitrage Legal clauses Covid-19 pandemic Antitrust concerns Regulatory scrutiny Bernard Arnault Market bargain Premiums Synergies Winner’s curse and hubris Overconfidence Value creation