Jonathan Guilford has covered financial news across Europe and the United States for 10 years. He joined Reuters Breakingviews in 2021 from Dealreporter, where he led risk arb coverage strategy from New York while covering the technology, media and telecommunications space. He previously covered the European healthcare services market. He studied English and Italian at Royal Holloway, University of London.Follow @JMAGuilford
U.S. trustbusters are suing to block the chipmaker’s controversial Arm acquisition. A growing price tag, from $40 bln to about $75 bln, undermines the financial value. At least the FTC is, in a way, buttressing the strategic rationale of buying the Switzerland of semiconductors.
The “below-the-belt” grooming company is offering cheaper shares to private investors in its deal with a blank-check firm, which can close even if shareholders pull their cash out. SPAC sponsors are incentivized to keep deals flowing at all costs. This adds to the overall look.
The activist is blasting overspending, making a hostile tender offer, criticizing a major deal and pushing for a breakup in his campaign at the $4 bln U.S. utility. They are classic Icahn tactics. But history suggests investors might do best if he gets only some of what he wants.