The Broadcom/VMware SAMR approval is a positive. However, with time running out for the late Dec tender start, the likely scenario is SAMR conditional approval with a delay to tender start.
Boomeranged on Tue, 19 Dec 2023 17:13
JSR has postponed the tender start date from late December to late February 2024 (at the earliest) due to additional time required for SAMR approvals. A late February 2024 timeline suggests that SAMR approval takes around 250 days – this fits in with our view that SAMR conditionally approves the deal (300 days was the average in 2021). At the last close, the gross spread was 6.9%.
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