Microsoft-Activision Deal Poised to Close Later Than Planned

The transcript discusses the CMA's change in stance regarding a major deal, speculating on government influence and its impact on the UK's business environment post-Brexit. It examines the challenges of vertical M&A cases in the US, highlighting recent legal precedents. The conversation shifts to the Microsoft-Activision deal, exploring potential financial adjustments and strategic considerations, with insights into market performance and valuation dynamics.

What is the probability of the deal closing according to the speaker?

• Around 75%

• Less than 50%

• Exactly 100%

• North of 95%

What is a significant challenge for vertical M&A cases in the US?

• Strong government support

• High success rate

• Difficulty in bringing cases

• Lack of legal precedents

What financial obligation does Microsoft have towards Activision if the deal is not completed?

• $1 billion

• $2 billion

• $3 billion

• $4 billion

What is a potential form of compensation if the Microsoft-Activision deal terms are renegotiated?

• Debt reduction

• Increased offer price

• Dividend

• Stock buyback

What is the most likely outcome if Microsoft initiates a conversation on re-upping the agreement?

• Cancellation of the deal

• Issuance of a dividend

• Shareholder approval

• Continuation under existing terms

What was Warren Buffett's action regarding the arbitrage move in the last quarter?

• Held his position

• Bought more shares

• Sold out

• Increased his stake

What is the speaker's perspective on Warren Buffett's decision to sell?

• It is irrelevant

• It is a negative sign

• It is a positive sign

• It is concerning