Fail: The Tipline for 14 July 2017

14 July 2017

We have a lot to say today about the failing firm defence. In both a judge’s ruling to block a deal, and a Department of Justice closing statement ending a merger investigation, the message was clear: look reeeeally hard for an alternative buyer before saying a competitor’s acquisition is the only way to avoid bankruptcy. And then there’s the DraftKings/FanDuel option: give up on your tie-up after answering the government’s complaint.