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.
The biggest semiconductor acquisition of 2016 was announced in July 2016. Japan’s SoftBank offered to acquire UK-based semiconductor designer ARM Holdings (ARMH) for a cash consideration of $32 billion—the second-largest semiconductor acquisition, after Avago-Broadcom’s (AVGO) $37-billion merger, according to Dealogic data. Although ARM had no intention to sell its business, it accepted SoftBank’s offer.