The panel of directors “focused its attention on the development of the pandemic and its potential impact on the results and perspectives of Tiffany & Co. with respect to the agreement that links the two groups,” LVMH said in a brief statement on June 5. 

LVMH had agreed in November last year to buy the New York-based jeweller for $135 per share. Directors of LVMH also expressed concerns about Tiffany’s ability to cover all its debts by the time the transaction closed, which was due to happen in mid-2020.

Meanwhile, Bernard Arnault, LVMH’s CEO and chairman, is exploring ways of pressuring Tiffany to lower the selling price, Reuters reported on June 4. As per recent reports the takeover is uncertain as of now.