Investors hate Softbank's record $32 billion deal

He added: "Post Brexit, the pound has fallen 12 per cent against the Japanese Yen so it is an opportune moment for Softbank to make the acquisition and we may well see interest in United Kingdom companies from overseas buyers grow further as a weaker pound and lower costs make them even more attractive".

The deal was announced last night.

Still, investors don't share Son's vision and excitement. Its 40% premium offer per share which sounds so generous says it all which means that the company will do anything possible to exploit ARM's growing market.

Over the past year, Arm Holdings' shares have outperformed Apple's.

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"We did not use this as an opportunity to buy cheaper".

The all-cash offer was unanimously backed by ARM management, and British Prime Minister Theresa May declared that the record Asian investment proved "Britain is open for business", just weeks after the country voted to leave the European Union.

Since June, SoftBank has been announcing the sales of its stakes in several companies, including Chinese e-commerce giant Alibaba Group Holding Ltd. Attention has been focused on how the company will use the almost ¥2 trillion it will raise through the sell-offs.

SoftBank lost more than a tenth of its market value as the Japanese conglomerate's shareholders gave an initial thumbs down to its £24bn takeover of the UK's ARM Holdings. SoftBank said its board approved the deal, but ARM shareholders and the English courts still need to approve it. ARM has recommended the deal be approved by its shareholders.

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The deal has to represent a transformation in Softbank, and it made the first move in that direction previous year selling its stake in Supercell, a Finnish designer of social games like Clash of Clans, to China's Tencent Holdings Ltd (OTCMKTS:TCEHY) It is also possible that stakes in Softbank Mobile and Sprint could come to market as Softbank focuses capital on ARMH stock. It also sold some of its Alibaba shares for $US10 billion. It does not also seem likely that Softbank will be a major participant in an effort to combine T-Mobile US Inc (NASDAQ:TMUS) with Sprint, if that comes to pass.

Beyond its sheer scale, the ARM acquisition is unusual for a company that's preferred to take control through hefty stakes in smaller companies, or those with high-growth potential. ARM Chairman Stuart Chambers said in a statement that his company accepted Softbank's "compelling offer" with assurances "that ARM will remain a very significant United Kingdom business and will continue to play a key role in the development of new technology". The deal would be the biggest ever for SoftBank, which under Chairman Masayoshi Son became one of Japan's most acquisitive companies with stakes in wireless carrier Sprint Corp. and Alibaba Group.

"My first impression was that the purchase made investors anxious about SoftBank being able to receive synergies from the purchase of ARM and collect all the cash it spent", said Masayuki Kubota, chief strategist at Rakuten Securities.

"This investment also marks our strong commitment to the United Kingdom and the competitive advantage provided by the deep pool of science and technology talent in Cambridge". SoftBank also agreed that over the next five years ARM would double its employees in the United Kingdom, where it is based, and grow overall headcount as well.

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