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Breakingviews

Breakingviews: Failed M&A

Wednesday, August 06, 2014 - 04:00

First the Pfizer AstraZeneca deal fell apart, now Fox and Sprint Corp have failed to pursue their bids for Time Warner and T-Mobile. It might presage a slowdown in the M&A market, says Breakingviews

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So Murdoch imposes prison Time Warner aspirin it's Ross is the series of Timo -- -- US and -- on the back of the hole -- AstraZeneca -- should we be surprised. Should we be shot should be we be worried. By these high profile failures -- wept is that with breaking news has written a piece about his what do you think should we reward. Well I think it's sort of inevitable consequence of when one sees a big rebound and emanate Wendell says he's a big uptick in these deals that go wrong. That's not -- because the same. Phenomenon which is bearing more deal making which is rising. Confidence people feel they can -- and make bigger positions. Emboldens target company boards to say no where -- a lot more depth lost and also of course. The boulder that deals get the more sort of industry changing they've become the more likely it is that they full file of regulates hasn't had. With the spring it's been in particular that team -- -- that was an attempt to take the US may have -- market fruitful place for three. And regulates -- said pretty clearly we don't -- data pretty clearly. Pretty good pretty muddle along as well right up there is insisting that should just just before we came into the studio as I was to scanning the the web front for pieces are out of the Yemeni through maturity fourteen and made him. SC's headline recent encouraging signs the 2014 Yemeni spree is the real deal. The contrast. We'll see Joseph the -- -- is going to end badly and the FT saying it's the real deal because the type of financing combination of -- -- Armed. Sergeant says. Well I think in many emanate -- as it gets older as it grows moment should you stop Ecstasy sort of slightly crazy deals. Being attempted the industrial logic gets stretched so you always -- be on the lookout for a value destroying deals thousand -- goes on. On the other hand. Some sympathy with the argument that there's a lot of -- tell them and if you will because. We hadn't volumes than being citing low for so long the -- people are doing logical transactions they would have liked to -- to a serious candidate just. Could not tech support could not take its shareholders. What what's the value of the -- and me. Market so far this year. I think we're running about 2.2 trillion dollars was an extraordinary sort of uptick hometown says teens it was 70% up. You were on yeah we're on course one of the best he is. And I think the last CP it was 2007 and clearly kind of cheap financing has helped pal and you've -- I know you'll be open six. This is more about of a trend story. But on what what do you heard about that the -- Time Warner. -- it to people suspect that he's -- -- this is up Troy to get a shares down -- -- -- Joan -- This with hearts tell at this point and but I mean certainly when one looks at his track record he has. Notes in the cost more dogged than he's looking we had to do -- is exactly exactly so -- one has to wonder you know age is this the opening gambit in a much longer game. But you just official wouldn't use suspect. We'll see more. Huge deals like this I'm on the table going forward and at the same time. Big ones for him by the wayside because that's the nature of the ways exactly I think this is the end of the -- being by. Any stress imagination but I also think it's an inevitable consequence of a rebound in deals that you see. More of these deals where people couldn't really reach agreement. -- -- equipment things like you can that reprints please throw around the breaking news mostly -- and a great -- I just go farm home the Murdoch. Time Warner. Deal on the breaking news web sites -- Dorsey US are told that he's incentive that he PST -- -- police sources.

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Breakingviews: Failed M&A

Wednesday, August 06, 2014 - 04:00