Forbes argues approval can't be done before years end. Europeans wait a standard 25 days to approve a merger after paperwork submitted. Paperwork hasn't been submitted to Europeans yet.
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Plan B is mass layoffs once the market reacts negatively to the missed deadline. Easiest way to reduce cost and meet the shareholder's demands.
If no deal what is plan B? I don't think plan B was ever considered. Bids on the Divesting subsidiaries will expire sometime soon. And they can't keep extending the merger forever. Leaving both companies in limbo indefinitely prevents further acquisition from happening.
Dec 16th is approaching fast. Let's remember that deadlines are deadlines. While Hal can move the dates around the market will react sharply to the missed deadline. No deal by the 16th means no deal at all.
Dave was the in house partner from Author Anderson accounting firm. Remember the accounting firm that was used by Enron? Dave gave the all clear signal on the Dresser deal, said the Asbestos issue was not a problem. that ended up costing $2 Billion. The Baker deal is getting ready to cost a lot more.
This merger is a mistake. It's a vanity project for Lesar to pad his legacy. His real legacy is the billions in asbestos liability due to his negligence during the Dresser merger.
It's all slipping away at the worst time possible. I'll really be surprised if the deal is concluded at all. Shame