Great series of articles digging more deeply into the drivers of Softbank's interest in ARM (IoT, basically) and how they stole a march on the competition. The lack of a break-up fee or lock-in signals how confident the parties are that a competing bid is unlikely to emerge even though on the face of it there are several possible buyers who could extract much greater synergy benefits. On the other hand, Softbank could just be overpaying, but given Masayoshi Son's track record I wouldn't want to bet on that.