Tuesday, August 5, 2014 is likely to go down as one of the darkest days in the tempestuous history of Wall Street’s mergers and acquisitions market.
In the space of a few fraught hours, deals worth $120bn collapsed, sending shock waves through the stock market and sparking concern about the sustainability of a transaction boom that has gathered pace since the start of the year.
First to go down was 21st Century Fox’s $71bn attempt to buy Time Warner. The media company controlled by Rupert Murdoch blamed the death of the deal on Time Warner’s failure “to explore an offer which was highly compelling”.
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