Factbox: LVMH's bid for Tiffany only the latest victim of COVID-19 pandemic
09/09/2020 23:33
NEW YORK, Sept 9 (Reuters) - LVMH's LVMH.PA plans to end
its $16 billion acquisition of U.S. jeweler Tiffany & Co TIF.N
follows roughly 1,900 deals that have been cancelled,
renegotiated or disputed around the world since the start of the
COVID-19 pandemic, according to S&P Global Market Intelligence.
urn:newsml:reuters.com:*:nL8N2G62M7
The following are some of the high-profile deals that were
scuttled or faced turmoil this year after they were signed:
Auto parts maker BorgWarner BWA.N in March threatened to
end its agreement to acquire UK-based smaller rival Delphi
Technologies DLPH.N , but in May resolved the issue and was on
track to acquire it by the second half of 2020. The amended
merger terms reduced Delphi's equity value by 5%. urn:newsml:reuters.com:*:nL1N2CO092
The revised deal values Delphi at $1 billion. urn:newsml:reuters.com:*:nL4N29X1YF
Bed Bath & Beyond Inc BBBY.O sued 1-800-Flowers.Com Inc
FLWS.O for failing to close a $252 million deal by March 30.
urn:newsml:reuters.com:*:nL1N2BQ36A The two sides agreed in July to a reduced $245
million price for the Pmall.com business of Bed Bath & Beyond.
U.S. printer maker Xerox Holdings Corp XRX.N walked away
from its $35 billion hostile cash-and-stock bid for HP Inc
HPQ.N in late March, after the coronavirus outbreak weighed on
its campaign to take over the PC and printing equipment
manufacturer. urn:newsml:reuters.com:*:nL1N2BO2T1
Forescout Technologies Inc sued private equity firm Advent
International in May for pulling out of a deal to buy the
cybersecurity firm for $1.9 billion. The two settled in July for
a reduced $1.43 billion acquisition price. urn:newsml:reuters.com:*:nL3N2EM38J
The largest U.S. mall owner, Simon Property Group Inc
SPG.N , in June ditched its $3.6 billion deal for competitor
Taubman Centers Inc TCO.N , citing the beating the retail
sector has taken during the COVID-19 pandemic. Taubman vowed to
fight Simon's move, and litigation is ongoing. urn:newsml:reuters.com:*:nL4N2DN34M
Telefonica TEF.MC sued Millicom International Cellular
TIGOsdb.ST of Luxembourg for backing out of a $570 million
deal for the Spanish company's operations in Costa Rica.
urn:newsml:reuters.com:*:nL8N2CK0I1 While Telefonica is pursuing breach of contract
damages against Millicom in state court in Manhattan, it struck
a deal in July to sell the business to Liberty Latin American
Ltd LILA.O for $500 million.
Juweel Investors Ltd sued an affiliate of Carlyle Group Inc
CG.O for failing to close the purchase of a significant stake
in American Express Global Business Travel, a deal that was
estimated at $1.5 billion. The deal expired without closing and
the two sides are scheduled to go to trial next year to
determine if the pandemic constituted a "material adverse event"
that would have allowed the buyers to back out.
L Brands Inc LB.N in May called off the sale of its
majority stake in Victoria's Secret lingerie business to
Sycamore Partners, after the retail operator and buyout firm
sued each other over the $525 million deal. urn:newsml:reuters.com:*:nL4N2CM38Q
Sycamore fired the first legal shot, alleging in an April
lawsuit that L Brands breached the deal by closing nearly all of
its about 1,600 Victoria's Secret and PINK stores globally
without Sycamore's permission.
WeWork is ensnared in a lawsuit against its majority owner
SoftBank Group Corp 9984.T after the Japanese conglomerate
backed out of a $3 billion tender offer to the co-working office
company's existing shareholders. SoftBank provided WeWork with a
separate $1.1 billion financing in August. urn:newsml:reuters.com:*:nL1N2FF2K6 WeWork
and Softbank are still locked in a court battle over the tender
offer.
(Reporting by Jessica DiNapoli in New York and Tom Hals in
Wilmington, Delaware; Editing by Tom Brown)
((Jessica.DiNapoli@thomsonreuters.com; 646-223-4678;))