When news broke this week that LVMH was backing out of its deal to acquire Tiffany & Co. TIF +0.1%, it came as no surprise.
Speculation has swirled for months that LVMH had buyer’s remorse after agreeing last November to pay $16.2 billion or $135 per share for Tiffany. It would have been the largest acquisition that LVMH ever made, a luxury conglomerate built through acquisitions.
Even as late as February 4, 2020 when LVMH’s shareholders agreed to the deal, chairman and CEO Bernard Arnault was effusive about Tiffany’s possibilities:
