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How it 'backfired', if it is going to do an IPO? Post IPO its market value could be much higher than acquisition price of $31B.

Failure to sell to Nvidia at 2X the acquisition price is not a failure, it was an honest attempt to make a profit.

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Analysts do not expect ARM to IPO at over $32B (https://www.reuters.com/markets/asia/arm-ipo-marks-sober-end...). That is why Softbank agreed to the acquisition offer in the first place, otherwise they would have just gone for an IPO directly.

ARM will IPO well over $32B.

Correct. Here "backfired" is the investment did not make 10x return

Well, 10x was never a target, they were happy with 2x return from Nvidia acquisition.

Absolutely wrong. They settled for the Nvidia acquisition after they saw things were not going as well as they planned after years and years. Now it looks like they will have to settle for even less.

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