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

Desai, PranavFlausino, Carolina Cury2025-08-132025-08-132025-01-242024-12-17http://hdl.handle.net/10362/186373In 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.engLVMH Moët Hennessy Louis VuittonTiffany & Co.Mergers & AcquisitionsMaterial adverse effectOrdinary course covenantMerger arbitrageLegal clausesCovid-19 pandemicAntitrust concernsRegulatory scrutinyBernard ArnaultMarket bargainPremiumsSynergiesWinner’s curse and hubrisOverconfidenceValue creationDeal 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 acquisitionmaster thesis203961102