From Breakingviews - Adobe’s lose-lose Figma bind
that U.S. antitrust enforcers might block it. That conflicts with the initial reaction to the cash-and-stock deal, when shares crashed 16% on announcement in September.
Investors' first reaction makes sense: Adobe opted to issue $10 billion in shares to fund the purchase after they had fallen over a third from a late-2021 peak. That made it an expensive moment to use equity, and AdobeSet aside the price, though, and the deal has strategic logic. Startups like Figma and peer Canva leapfrogged Adobe in tools allowing multiple users to work on a document simultaneously.
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