The fact that you are reading this suggests that you are well aware of Microsoft Corporation (NASDAQ:MSFT)’s intended acquisition of Finnish handset maker Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V). The fact that it occurred over an extended holiday weekend doesn’t matter, you must have been in a cave for the last week not to have been inundated with the news. News that has run the gamut of initial reactions. Some have suggested that Microsoft has made one of the sillier purchases since the “pet rock” in the 1970’s. Others believe its a great move and a steal that Microsoft was able to pull off the acquisition when you can buy a share of Nokia at a price that won’t buy you a few of the items on McDonald’s Corporation (NYSE:MCD) new Dollar Menu and More.
Microsoft Acquiring Nokia
We’ve been forced to hear hours of Jim Cramer badmouthing the deal at the same time as others have gone on ad nauseum about corporate tax levels in the United States. Which, let’s face it, are a bit ridiculous bordering on all sorts of silly. Microsoft Corporation (NASDAQ:MSFT) will be purchasing Nokia using a small part of the billions it keeps overseas rather than repatriating the cash at a premium.
Whatever you thoughts on the matter, or whether you have indeed been in a cave, Microsoft Corporation (NASDAQ:MSFT) began advertising its acquisition of Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) today on the website of the New York Times. Never mind that the deal is far from done.
Carlson Capital's Black Diamond Arbitrage Partners fund added 1.3% net fees in the first quarter of 2021, according to a copy of the firm's March 2021 investor update, which ValueWalk has been able to review. Q1 2021 hedge fund letters, conferences and more At the end of the quarter, merger arbitrage investments represented 89% of Read More
Nokia shareholders yet to approve the sale
Firstly, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) shareholders have yet to vote in approval of the sale. Beyond that, there will be regulatory discussions as well. While there is nothing to suggest that either of those will see the sale delayed or blocked, and the sale should be completed before the end of the calender year. That said, it seems a touch premature to begin advertising it as a done deal.
More than that, it’s really poorly done. To say that they were done quickly by a (very) junior copywriter is being generous.
“Nokia’s Devices & Services business is joining Microsoft Corporation (NASDAQ:MSFT) to deliver more choices and faster innovation to phones and smart devices of all kinds,” they read.
Given the sheer volume of press outlets that suggest that this is a horrible move for Microsoft, this won’t help.
When AllThingsD contacted Microsoft Corporation (NASDAQ:MSFT) today the Redmond, WA-based company chose not to comment.